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Oil prices extend loss amid supply glut

Xinhua, March 25, 2016 Adjust font size:

Oil prices continued to drop on Thursday as U.S. crude stockpiles increased.

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

Crude production of the country lost 30,000 to 9.038 million barrels a day last week, the EIA said.

Crude prices pared most of the loss in the later session as data showed U.S. oil rig count shrank this week.

U.S. oil rig count droped by 15 to 273, showed the data released Thursday by oil service company Baker Hughes.

The West Texas Intermediate for May delivery moved down 33 cents to settle at 39.46 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery decreased 3 cents to close at 40.44 dollars a barrel on the London ICE Futures Exchange. Endit