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Oil prices climb on falling U.S. inventories

Xinhua, September 23, 2016 Adjust font size:

Oil prices rallied for a second session on Thursday after government data showed the U.S. crude inventories decreased last week.

The Energy Information Administration (EIA) said in its weekly report on Wednesday that U.S. oil inventories fell by 6.2 million barrels last week, beating market consensus of a 3.4-million barrels decrease.

Oil prices were further supported as a weaker greenback made the dollar-denominated oil more attractive for holders of other currencies.

The U.S. dollar continued to slip against most major peers on Thursday after the Federal Reserve decided to keep its interest rates unchanged on Wednesday.

The dollar index, which measures the greenback against six major peers, was down 0.25 percent at 95.420 in late trading.

The West Texas Intermediate for November delivery added 0.98 U.S. dollars to settle at 46.32 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery gained 0.78 U.S. dollars to close at 47.65 U.S. dollars a barrel on the London ICE Futures Exchange. Enditem