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1st LD Writethru: Crude prices jump amid shrinking inventory

Xinhua, April 7, 2016 Adjust font size:

Oil prices surged Wednesday as U.S. crude stockpiles contracted surprisingly.

U.S. crude supplies of last week dropped 4.9 million barrels to 529.9 million barrels, 47.5 million barrels more than one year before, said the Energy Information Administration (EIA) in its weekly report released Wednesday.

Crude production of the country lost 14,000 to 9.008 million barrels a day last week, according to EIA.

Countries from OPEC and non-OPEC will meet on April 17 in Doha to discuss the output freeze.

Nawal al-Fezaia, OPEC governor of Kuwait, said Tuesday that major oil producers can reach an agreement over a production freeze even if Iran does not join the action.

The West Texas Intermediate for May delivery moved up 1.86 U.S. dollars to settle at 37.75 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery increased 1.97 dollars to close at 39.84 dollars a barrel on the London ICE Futures Exchange. Endit