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1st LD Writethru: Oil prices retreat on profit-taking

Xinhua, March 19, 2016 Adjust font size:

Oil prices dropped Friday on profit-taking after a two-day rally.

U.S. oil rig count of this week added for the first time since this year, showed data released Friday by oil service company Baker Hughes.

Oil prices surged during the prior two trading days amid declining output and weaker U.S. dollar.

Crude production of the United States lost 10,000 to 9.068 million barrels a day last week, according to the Energy Information Administration (EIA)'s weekly report released Wednesday.

U.S. dollar decreased against other major currencies after a dovish Federal Reserve statement released Wednesday. Weak U.S. dollar made the dollar-priced crude less expensive and more attractive for buyers holding other currencies.

The West Texas Intermediate for April delivery moved down 76 cents to settle at 39.44 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery decreased 34 cents to close at 41.2 dollars a barrel on the London ICE Futures Exchange. Enditem