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Oil prices extend losses on downbeat data

Xinhua, July 23, 2016 Adjust font size:

Oil prices kept falling Friday after data showed that the number of rigs operating in the United States continued to rise.

Oilfield services company Baker Hughes said Friday that the number of rigs operating in the United States rose for a fourth straight week, increasing by 14 to a total of 371 rigs this week.

A stronger U.S. dollar also dampened investor sentiment. The dollar index, which measured the greenback against six major peers, was up 0.50 percent at 97.486 in late New York trading Friday.

Meanwhile, 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.

The West Texas Intermediate for August delivery fell 0.56 U.S. dollar to settle at 44.19 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery lost 0.51 dollar to close at 45.69 dollars a barrel on the London ICE Futures Exchange. Enditem