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Oil prices steady after three-day rally

Xinhua, March 4, 2016 Adjust font size:

Oil prices fluctuated Thursday after a three-day rally on hopes that the oil market is bottoming up.

Market sentiment was boosted as Saudi Arabia and Russia announced recently that they would halt production increases as long as other major producers followed suit.

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) Wednesday.

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, according to the EIA report.

The West Texas Intermediate for April delivery moved down 9 cents to settle at 34.57 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery increased 14 cents to close at 37.07 dollars a barrel on the London ICE Futures Exchange. Enditem