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1st LD Writethru: Urgent: Oil prices plunge as inventories climb

Xinhua, March 24, 2016 Adjust font size:

Oil prices plummeted Wednesday as U.S. crude stockpiles increased.

U.S. crude supplies gained 9.4 million barrels to 532.5 million barrels last week, 65.9 million barrels more than one year before, according to the weekly report released by the Energy Information Administration Wednesday.

Last week's crude production of the country lost 30,000 barrels to 9.038 million barrels daily last week, according to the EIA.

Market also retreated in cautious trade following the Brussels terror attacks. More than 30 people were killed in Tuesday's twin explosions at a Brussels airport and on a city subway train.

The West Texas Intermediate for May delivery moved down 1.66 U.S. dollars to settle at 39.79 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery decreased 1.32 dollars to close at 40.47 dollars a barrel on the London ICE Futures Exchange. Endit