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Crude prices drop amid strong U.S. dollar

Xinhua, May 20, 2016 Adjust font size:

Oil prices dropped Thursday as strong U.S. dollar made the dollar-priced crude more expensive and less attractive for buyers holding other currencies.

U.S. dollar climbed as investors were digesting the hawkish Federal Reserve minutes released Wednesday.

Ample crude supplies also weighed on the market. 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.

The West Texas Intermediate for June delivery moved down 3 cents to settle at 48.16 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery decreased 12 cents to close at 48.81 dollars a barrel on the London ICE Futures Exchange. Endit