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Oil prices fall on rising U.S. crude stockpile

Xinhua, September 1, 2016 Adjust font size:

Oil prices declined on Wednesday as a government report showed the U.S. crude stockpile rose more than expected last week.

The Energy Information Administration said in its weekly report on Wednesday that the U.S. crude inventories added 2.3 million barrels to 525.9 million barrels in the week ending August 26, higher than market consensus of a 921,000-barrels gain.

Analysts said the data spurred investors' concerns on the oversupply in the market.

Oil prices were also under pressure as a strong dollar dented market sentiment as it made the dollar-dominated oil less attractive for holders of other currencies.

The dollar index, which measures the greenback against six major peers, was at three-week highs of 96.043 in late trading on Wednesday.

The West Texas Intermediate for October delivery lost 1.72 U.S. dollars to settle at 44.70 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased 1.34 U.S. dollars to close at 47.04 U.S. dollars a barrel on the London ICE Futures Exchange. Enditem