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1st LD Writethru: London oil price jumps as global equity markets surge

Xinhua, September 9, 2015 Adjust font size:

London oil price gained Tuesday as global stock markets rallied.

Traders were cheered by the bounce in global stocks market Tuesday. Chinese shares rebounded after encouraging news about an index circuit breaker system and a dividend tax break. U.S. stocks traded sharply higher Tuesday.

London oil price dived Monday amid global ample supplies. U.S. oil market was closed in the day for the Labor Day holiday.

U.S. crude supplies of the week ended Aug. 28 climbed 4.7 million barrels to 455.4 million, up 95.9 million barrels from one year ago, according to Energy Information Administration's recent report.

Inventories at Cushing, Oklahoma, the delivery point for the U.S. contract, lost 0.4 million barrels to 57.3 million barrels. U.S. crude production fell 119,000 barrels to 9.219 million barrels a day that week.

The West Texas Intermediate for October delivery moved down 11 cents to settle at 45.94 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery increased 1.89 dollars to close at 49.52 dollars a barrel on the London ICE Future Exchange. Endit