Oil prices tumble amid U.S. inventory data

NEW YORK, Nov. 29 (Xinhua) -- Oil prices extended losses Wednesday as traders digested the newly-released U.S. crude stockpile data.

U.S. crude inventories fell by 3.4 million barrels last week to 453.7 million, exceeding market expectations, the Energy Information Administration (EIA) said in its weekly report Wednesday.

However, gasoline and distillate stocks rose more than anticipated last week, according to the EIA.

Meanwhile, uncertainties about an extension to OPEC-led (Organization of the Petroleum Exporting Countries) production cuts also weighed on the market, as members debate the path for an extension of the group's supply-cut agreement.

OPEC and other key oil producers will meet on Nov. 30 to discuss whether to extend the current price-supporting curbs on crude output.

The West Texas Intermediate for January delivery decreased 0.69 U.S. dollar to settle at 57.30 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery dipped 0.50 dollar to close at 63.11 dollars a barrel on the London ICE Futures Exchange. Enditem