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Crude prices retreat on profit-taking

Xinhua, February 5, 2016 Adjust font size:

Crude prices dropped Thursday as traders started to lock in profit following the rally of the previous session.

Oil prices surged Wednesday as U.S. dollar depreciated against other major currencies. A weaker greenback made the dollar-priced crude less expensive and more attractive for buyers holding other currencies.

U.S. crude supplies of last week gained 7.8 million barrels to 502.7 million barrels, 89.7 million barrels more than one year before, said the U.S. Energy Information Agency (EIA) in its weekly report on Wednesday.

U.S. crude production lost 7,000 to 9.214 million barrels a day last week, according to the report, giving some support to the oil.

It is reported that Organization of the Petroleum Exporting Countries (OPEC) emergency meeting resumed. Russian Foreign Minister Sergei Lavrov said Wednesday if there is consensus among the OPEC and non-OPEC members to meet, "then we will meet".

Light, sweet crude for March delivery moved down 56 cents to settle at 31.72 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery lost 58 cents to close at 34.46 dollars a barrel. Endit