Off the wire
• Roundup: High expectations as BRICS New Development Bank to open African branch  • Popular blood pressure app found highly inaccurate: study  • Norway vows to strengthen cooperation with EU  • Germany's benchmark DAX index continues to rise  • Foreign exchange rate of Euro to other currencies  • 1st LD Writethru: Gold up on weaker U.S. equities  • Urgent: Oil prices gain amid declining U.S. output  • CoE issues guidelines to combat radicalization in prison  • Urgent: U.S. dollar falls despite upbeat data  • CoE to fight traffic in 'blood antiquities'  
You are here: 　 Home

1st LD Writethru: Oil prices gain amid declining U.S. output

Xinhua, March 3, 2016 Adjust font size:

Oil prices rose Wednesday as data showed the U.S. oil production continued to drop.

U.S. crude production lost 25,000 to 9.077 million barrels a day last week, according to the weekly report of U.S. Energy Information Agency (EIA) on Wednesday.

The disappointing part of the data is U.S. crude supplies of last week added 10.4 million barrels to 518 million barrels, 73.6 million barrels more than one year before, the EIA report showed.

Inventories at Cushing, Oklahoma, the delivery point for the U.S. contract, gained 1.2 million barrels to 66.26 million barrels.

Saudi Arabia on Wednesday raised the April prices of its oil to Asia and Europe. Asia remains the largest market for Gulf oil producing countries.

The West Texas Intermediate for April delivery moved up 26 cents to settle at 34.66 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery increased 12 cents to close at 36.93 dollars a barrel on the London ICE Futures Exchange. Endit