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Oil prices rise as U.S. crude stockpiles fall

Xinhua, October 6, 2016 Adjust font size:

Oil prices posted solid gains Wednesday after official data showed a surprise weekly drawdown in U.S. crude inventories.

The Energy Information Administration (EIA) said in its weekly report on Wednesday that U.S. crude inventories dropped by 3 million barrels to a total of 499.7 barrels in the week through Sept. 30, notching a fifth straight weekly decline.

Analysts polled by S&P Global Platts had forecasted a climb of 2 million barrels in U.S. crude stockpiles for the week.

Oil prices have advanced over 10 percent since the Organization of the Petroleum Exporting Countries reached a deal last Wednesday to cut crude output for the first time in eight years.

The group's oil ministers are expected to hammer out the final details of an agreement at their next official meeting on Nov. 30 in Vienna, Austria.

The West Texas Intermediate for November delivery added 1.14 U.S. dollars to settle at 49.83 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery increased 0.99 dollar to close at 51.86 dollars a barrel on the London ICE Futures Exchange. Endit