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1st LD Writethru: Oil prices extend drops amid ample supplies

Xinhua, December 18, 2015 Adjust font size:

Oil prices continued to fall Thursday as global supplies exceed the demand.

Oil prices were dragged down by the global supply glut. The Organization of the Petroleum Exporting Countries (OPEC) on Dec. 4 decided to keep crude production pumping at the current level in the already oversupplied market.

U.S. crude supplies of last week gained 4.8 million barrels to 490.7 million barrels, 110.7 million barrels more than one year before, according to the weekly report issued by the U.S. Energy Information Agency (EIA) Wednesday.

U.S. crude production added 12,000 barrels to 9.176 million barrels a day last week, according to the EIA report.

The U.S. dollar surged against other major currencies Thursday as the Federal Reserve decided Wednesday to raise the interest rate for the first time in nine years. A strong U.S. dollar and restrained global growth created downward pressure on crude prices.

The West Texas Intermediate for January delivery moved down 57 cents to settle at 34.95 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery decreased 13 cents to close at 37.06 dollars a barrel on the London ICE Futures Exchange. Enditem