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Oil prices fall on rising U.S. stockpiles

Xinhua, February 16, 2017 Adjust font size:

Oil prices fell Wednesday as rising U.S. crude stockpiles fueled concerns over global supply glut.

U.S. crude stocks rose 9.5 million barrels last week to 518.1 million, up 9.6 percent year-on-year, the U.S. Energy Information Administration said on Wednesday.

The large weekly increase followed a 13.8 million barrel rise in the prior week and makes it the sixth weekly build in a row.

The West Texas Intermediate for March Delivery erased 0.09 dollars to settle at 53.11 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery decreased 0.22 dollars to close at 55.75 dollars a barrel on the London ICE Futures Exchange. Enditem