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1st LD Writethru: U.S. oil price drops amid resilient production

Xinhua, February 11, 2016 Adjust font size:

U.S. oil price retreated Wednesday as data showed the oil production of the country fell less-than-expected.

U.S. crude supplies of last week declined 0.8 million barrels to 502 million barrels, 84 million barrels more than one year before, according to the weekly report issued by the US Energy Information Agency (EIA) Wednesday.

The disappointed part of the data is U.S. crude production only fell 28,000 barrels to 9.186 million barrels a day last week, according to the EIA report.

EIA assumed that a collaborative production cut among Organization of Petroleum Exporting Countries (OPEC) members and other major producers does not occur in the forecast period, as major OPEC producers continue the strategy to maintain market share.

The West Texas Intermediate for March delivery moved down 49 cents to settle at 27.45 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery increased 52 cents to close at 30.84 dollars a barrel on the London ICE Futures Exchange. Endit