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1st LD Writethru: Oil prices jump after U.S. government agency report

Xinhua, March 10, 2016 Adjust font size:

Oil prices surged Wednesday as a U.S. government agency report showed gasoline inventories drop more-than-expected.

U.S. gasoline supplies of last week lost 4.5 million barrels, beating market forecast for a drop of 1.5 million, according to the weekly report released by the Energy Information Administration (EIA) Wednesday.

U.S. crude supplies of last week gained 3.9 million barrels to 521.9 million barrels, 73 million barrels more than one year before.

EIA also pointed out that domestic oil production has generally declined month to month since it reached 9.7 million barrels per day in April 2015, a 44-year high. Most of the decline in oil production has occurred in states where a large portion of output comes from tight oil formations, including North Dakota, Texas, and New Mexico.

The West Texas Intermediate for April delivery moved up 1.79 US dollars to settle at 38.29 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery increased 1.42 dollars to close at 41.07 dollars a barrel on the London ICE Futures Exchange. Endit