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Oil prices retreat on global glut worries

Xinhua, July 22, 2016 Adjust font size:

Oil prices pulled back Thursday as concerns about a global supply glut continued to weigh on the market.

U.S. gasoline inventories posted a surprise build of 911,000 barrels last week, marking the highest level since April, according to the Energy Information Administration's (EIA) weekly report released Wednesday.

U.S. stockpiles of gasoline rose for the fourth time in five weeks to 241 million barrels last week, said the EIA report.

Meanwhile, U.S. consumption of the fuel averaged 9.73 million barrels per day in the four weeks ended July 15, down 0.1 percent from July 8.

The West Texas Intermediate for August delivery fell 1 U.S. dollar to settle at 44.94 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery lost 0.97 dollar to close at 46.20 dollars a barrel on the London ICE Futures Exchange. Enditem