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Oil prices keep rising as U.S. stockpiles fall

Xinhua, June 9, 2016 Adjust font size:

Oil prices rallied for a third straight session Wednesday as official data showed a larger-than-expected drop in U.S. crude stocks.

U.S. crude supplies of last week lost 3.2 million barrels to 532.5 million barrels, according to the Energy Information Administration (EIA)'s weekly report released Wednesday.

Crude inventories at Cushing, Oklahoma, the delivery point for U.S. oil futures and the country's biggest oil-storage hub, declined by 1.36 million barrels.

Oil prices have surged over 90 percent from a multi-year low in February on a weaker U.S. dollar, a continued slide in the U.S. output and unexpected disruptions.

The West Texas Intermediate for July delivery increased 0.87 U.S. dollar to settle at 50.36 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery gained 1.07 dollar to close at 52.51 dollars a barrel on the London ICE Futures Exchange. Endit