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Crude prices drop as inventories increase

Xinhua, May 19, 2016 Adjust font size:

Oil prices decreased Wednesday as U.S. crude inventories added.

U.S. crude supplies of last week gained 1.3 million barrels to 541.3 million barrels, according to the Energy Information Administration (EIA)'s weekly report released Wednesday.

Crude production of the country decreased 11,000 to 8.791 million barrels a day last week, according to EIA.

U.S. dollar increased against other major currencies on Wednesday. Strong dollar made the dollar-priced crude more expensive and less attractive for buyers holding other currencies.

The West Texas Intermediate for June delivery moved down 12 cents to settle at 48.19 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery decreased 35 cents to close at 48.93 dollars a barrel on the London ICE Futures Exchange. Endit