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Oil prices rise on inventory data

Xinhua, June 3, 2016 Adjust font size:

Oil prices ended higher on Thursday after a government report showed U.S. crude inventories decreased last week.

The Energy Information Administration said in its weekly report on Thursday that U.S. crude stockpiles dropped the third time in four weeks. Crude oil inventories in the country fell 1.4 million barrels in the week ending May 27 to 535.7 million, the report showed.

The inventory data tempered the impact of news about the Organization of the Petroleum Exporting Countries (OPEC) once again failing to set an oil output quota after a meeting on Thursday.

This is the second time OPEC has failed to work out an output ceiling at the conference in Vienna, following the meeting last winter. Analysts said this could be a sign the gap between the cartel is getting wider over the market strategy and interest.

The West Texas Intermediate for July delivery added 16 cents to settle at 49.17 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery increased 32 cents to close at 50.04 dollars a barrel on the London ICE Futures Exchange. Enditem