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1st LD Writethru: Oil prices retreat after sharp rise

Xinhua, September 18, 2015 Adjust font size:

Oil prices declined on Thursday as some traders took profits after the surge on Wednesday.

Oil futures jumped Wednesday as a government report showed that U.S. crude stockpiles decreased unexpectedly last week.

U.S. crude supplies of last week dropped 2.1 million barrels to 455.9 million barrels, 93.6 million barrels more than one year before, according to the Energy Information Administration (EIA)'s weekly report.

Inventories at Cushing, Oklahoma, the delivery point for U.S. contract lost 1.9 million barrels to 54.5 million barrels, the report showed.

U.S. crude production fell 18,000 barrels to 9.117 million barrels a day that week.

The West Texas Intermediate for October delivery moved down 25 cents to settle at 46.9 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery decreased 67 cents to close at 49.08 dollars a barrel on the London ICE Future Exchange. Endit