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Oil prices rally as U.S. stockpiles fall

Xinhua, July 21, 2016 Adjust font size:

Oil prices rallied Wednesday as official data showed that U.S. crude inventories declined for a ninth straight week.

The Energy Information Administration (EIA) said in its weekly report on Wednesday that U.S. commercial crude stockpiles fell by 2.3 million barrels to a total of 519.5 million barrels last week, notching a ninth consecutive weekly decrease in U.S. crude stockpiles.

Oil prices have dipped about 13 percent since hitting a ten-month high of over 51 U.S. dollars a barrel in early June. Before that, falling U.S. crude production and a weaker U.S. dollar have provided support to the oil prices to off a multi-year low touching in February.

The West Texas Intermediate for August delivery climbed 0.29 U.S. dollar to settle at 44.94 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery added 0.51 dollar to close at 47.17 dollars a barrel on the London ICE Futures Exchange. Enditem