Oil prices settle higher as U.S. stockpiles drop

NEW YORK, April 18 (Xinhua) -- Oil prices settled higher on Wednesday after weekly government data showed a sharp drop in the U.S. crude stockpiles.

Crude oil inventories fell 1.1 million barrels in the April 13 week to 427.6 million, 19.7 percent below their level a year ago, the U.S. Energy Information Administration reported.

Stockpiles of gasoline also dropped by 3 million barrels, while distillates fuels including diesel declined by 3.1 million barrels, according to the administration.

The West Texas Intermediate (WTI) for May delivery increased 1.95 U.S. dollars to settle at 68.47 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery added 1.9 dollars to close at 73.48 dollars a barrel on the London ICE Futures Exchange. Enditem