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Oil prices drop as U.S. inventories climb

Xinhua, October 22, 2015 Adjust font size:

Oil prices retreated Wednesday as U.S. crude output increased more than expected.

U.S. crude supplies of last week gained 8 million barrels to 476.6 million barrels, 98.9 million barrels more than one year before, according to the Energy Information Administration (EIA)'s Wednesday weekly report.

The big increase in the U.S. stockpiles provided fresh fuel for concerns about the global oversupply.

U.S. crude production was unchanged at 9.096 million barrels a day last week, according to the EIA's report.

Inventories at Cushing, Oklahoma, the delivery point for the U.S. contract, lost 0.1 million barrels to 54.1 million barrels, the report showed.

A technical meeting of crude producers was held in Vienna Wednesday. Media reported that delegates from the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers did not discuss the production limits or price targets.

The West Texas Intermediate for December delivery moved down 1.09 U.S. dollars to settle at 45.2 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery decreased 86 cents to close at 47.85 dollars a barrel on the London ICE Futures Exchange. Enditem