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Oil prices decline as U.S. crude stockpiles rise

Xinhua, August 11, 2016 Adjust font size:

Oil prices extended losses on Wednesday as government data showed that U.S. crude stockpiles increased for a third straight week.

U.S. crude inventories added 1.1 million barrels in the week ended Aug. 5, the U.S. Energy Information Administration (EIA) reported on Wednesday, in a third consecutive weekly build that surprised the market.

In the previous session, the EIA increased its domestic crude production forecast for 2017 to 8.31 million barrels a day from 8.2 million projected in July, according to its monthly Short-Term Energy Outlook.

Analysts said recent data raised investors' concerns that a new glut is building in the market, which weighed on the oil prices.

The West Texas Intermediate for September delivery dropped 1.06 U.S. dollars to settle at 41.71 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery lost 0.93 dollar to close at 44.05 dollars a barrel on the London ICE Futures Exchange. Endit