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Oil prices drop on U.S. crude stockpiles increase

Xinhua, December 22, 2016 Adjust font size:

Oil prices dropped on Wednesday following a report showing a surprise increase in U.S. crude inventories last week.

Crude oil inventories in the U.S. rose 2.3 million barrels last week to 485.4 million, raising the year-on-year gain 1.9 percentage points to 7.3 percent, the U.S. Energy Information Administration said on Wednesday.

The West Texas Intermediate for February Delivery decreased 0.81 U.S. dollars to settle at 52.49 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery dropped 0.89 dollars to close at 54.46 dollars a barrel on the London ICE Futures Exchange. Enditem