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Oil Prices drop on U.S. inventory rise

Xinhua, December 30, 2016 Adjust font size:

Oil prices dropped on Thursday as the United States reported a crude inventory rise last week.

Crude oil inventories rose 0.6 million barrels last week to 486.1 million, up 6.8 percent from last year at this time, the U.S. Energy Information Administration reported on Thursday.

The West Texas Intermediate for February Delivery dropped 0.29 U.S. dollars to settle at 53.77 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery decreased 0.08 dollars to close at 56.14 dollars a barrel on the London ICE Futures Exchange. Enditem