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Crude prices rise on shrinking U.S. output

Xinhua, April 21, 2016 Adjust font size:

Oil prices gained Wednesday as a government report showed U.S. crude output continued to contract.

Crude production of the U.S. lost 24,000 barrels to 8.953 million barrels a day last week, the Energy Information Administration (EIA) said in its weekly report released Wednesday.

U.S. crude supplies of last week gained 2.1 million barrels to 538.6 million barrels, 49.6 million barrels more than one year before, according to the report.

Earlier Wednesday, the oil market fell after oil workers called off a strike in Kuwait, quashing hopes that the disruption could help ease a persistent supply glut.

The strike, which began Sunday, had caused Kuwait's crude and natural gas production to be halved. Kuwait is the fourth-largest member of the Organization of Petroleum Exporting Countries.

The West Texas Intermediate for May delivery moved up 1.55 U.S. dollars to settle at 42.63 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery increased 1.73 dollars to close at 45.8 dollars a barrel on the London ICE Futures Exchange. Endit