Oil prices plunge

New York, Aug 20 (IANS) Oil prices dived as a government report showed that the US crude stockpiles of last week increased unexpectedly.

The US crude supplies of last week gained 2.6 million barrels to 456.2 million, 93.7 million barrels more than one year ago, Xinhua reported quoting Energy Information Administration (EIA)’s Wednesday weekly report.

Inventories at Cushing, Oklahoma, the delivery point for the US contract added 0.32 million barrels to 57.1 million barrels.

US crude production fell 47,000 barrels to 9.348 million barrels a day that week.

US oil companies added more oil rigs last week despite the plummet in crude prices. Data showed last week a rise of two in the number of active US oil drilling rigs to 672, according to a report from oil services company Baker Hughes.

The West Texas Intermediate for September delivery moved down $1.82 to settle at $40.8 a barrel on the New York Mercantile Exchange on Wednesday, while Brent crude for September delivery decreased $1.65 to close at $47.16 a barrel on the London ICE Future Exchange.

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