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1st LD Writethru: Oil prices gain amid shrinking supply glut

Xinhua, March 22, 2016 Adjust font size:

Oil prices rose Monday as market expected the crude supply glut to ease.

Oil prices were buoyed by the declining output and a weak U.S. dollar.

Crude production of the country lost 10,000 barrels to 9.068 million barrels daily by the week ended March 11, according to the weekly report released by Energy Information Administration Wednesday.

OPEC and non-OPEC producers are scheduled to meet on April 17 in Doha, Qatar, to discuss the output freeze.

But Iran indicated it won't participate in the output freeze until its production reaches 4 million barrels a day, the level before the international sanctions.

The West Texas Intermediate for April delivery moved up 47 cents to settle at 39.91 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery increased 34 cents to close at 41.54 dollars a barrel on the London ICE Futures Exchange. Endit