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Oil prices drop on higher U.S. hub supply, interest rates

Xinhua, December 15, 2016 Adjust font size:

Oil prices dropped on Wednesday as supplies at the biggest U.S. storage hub rose to a six-month high, and that the Federal Reserve decided to raise interest rates.

Inventories at Cushing, Oklahoma, delivery hub for West Texas Intermediate oil, rose by 1.22 million barrels last week, according to data released by the U.S.Energy Information Administration on Wednesday.

Oil price extended losses after the Federal Reserve raised the interest rate by a quarter point, as the news boosted the U.S. dollar. A stronger dollar made fuel imports more expensive for countries using other currencies.

The West Texas Intermediate for January Delivery dropped 1.94 dollars to settle at 51.04 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery decreased 1.82 dollars to close at 53.90 dollars a barrel on the London ICE Futures Exchange. Enditem