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Oil prices drop as U.S. production climbs

Xinhua, October 8, 2015 Adjust font size:

Oil prices retreated Wednesday as U.S. crude output increased.

U.S. crude production added 76,000 barrels to 9.172 million barrels a day last week, according to the weekly report released by the Energy Information Administration (EIA) Wednesday.

U.S. crude supplies of last week gained 3.1 million barrels to 461 million barrels, 99.3 million barrels more than one year before.

Inventories at Cushing, Oklahoma, the delivery point for the U.S. contract, gained 0.1 million barrels to 53.1 million barrels.

The EIA projected in an early report that U.S. crude oil production averages 9.2 million barrels per day this year and 8.8 million barrels per day in 2016.

The West Texas Intermediate for November delivery moved down 72 cents to settle at 47.81 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery decreased 49 cents to close at 51.43 dollars a barrel on the London ICE Future Exchange. Endit