Oil prices drop

New York, Oct 22 (IANS) Oil prices retreated as US crude output increased more than expected.

US crude supplies of last week gained eight million barrels to 476.6 million barrels, 98.9 million barrels more than one year before, according to the Energy Information Administration (EIA)’s Wednesday weekly report, Xinhua reported.

The big increase in the US stockpiles provided fresh fuel for concerns about the global oversupply.

US crude production was unchanged at 9.096 million barrels a day last week, according to the EIA’s report.

Inventories at Cushing, Oklahoma, the delivery point for the US contract, lost 0.1 million barrels to 54.1 million barrels, the report showed.

The West Texas Intermediate for December delivery moved down $1.09 to settle at $45.2 a barrel on the New York Mercantile Exchange, while Brent crude for December delivery decreased 86 cents to close at $47.85 a barrel on the London ICE Futures Exchange.

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