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Crude prices drop amid ample supplies

Xinhua, May 21, 2016 Adjust font size:

Oil prices dropped Friday amid ample supplies.

US oil rig count stayed unchanged after eight-week drop this week. According to data released Friday by oil service company Baker Hughes. Last week the number of U.S. oil rigs in use fell by 10 this week to 318.

Ample crude supplies continued to weigh 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 41 cents to settle at 47.75 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery decreased 9 cents to close at 48.72 dollars a barrel on the London ICE Futures Exchange. Endit