Oil
Oil

Encouraged by the shrinking supplies and production of the United States, both the U.S. oil and Brent crude hit the round-number mark of 50 U.S. dollars a barrel in the early trading session Thursday, but then slid and settled at the red territory on profit-taking.

Oil
Oil
U.S. crude supplies of last week lost 4.2 million barrels to 537.1 million barrels, and crude production of the country decreased 24,000 to 8.767 million barrels a day last week, according to the Energy Information Administration (EIA)’s weekly report released Wednesday.

Oil prices have risen nearly 90 percent from multi-year lows seen early 2016.

The West Texas Intermediate for July delivery fell 8 cents to settle at 49.48 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery decreased 15 cents to close at 49.59 dollars a barrel on the London ICE Futures Exchange. Enditem

Source: Xinhua

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