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U.S. oil price stabilizes amid supply data

Xinhua, January 14, 2016 Adjust font size:

U.S. oil price steadied Wednesday despite the crude inventory data of the country came out negatively.

U.S. crude production added 8,000 to 9.227 million barrels a day last week, said U.S. Energy Information Agency(EIA) in its weekly report released on Wednesday.

U.S. crude supplies of last week gained 0.2 million barrels to 484.6 million barrels, 94.8 million barrels more than one year before. Inventories at Cushing, Oklahoma, the delivery point for the U.S. contract added 0.1 million barrels to 64 million barrels, according to EIA's report.

The oil markets have been besetting with a supply glut that locks crude prices at low levels. Thanks to the U.S. shale oil revolution, American oil production has almost doubled in the past six years.

The West Texas Intermediate for February delivery moved up 4 cents to settle at 30.48 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery decreased 55 cents to close at 30.31 dollars a barrel on the London ICE Futures Exchange. Enditem