NEW YORK -- Oil prices gained Wednesday as official data showed a decline in the U.S. inventories of last week, another potential sign of a further easing of the global oversupply in crude supply.
U.S. crude supplies of last week decreased 3.9 million barrels to 487 million, said Energy Information Administration on Wednesday in its weekly report. It is the first drop in four months. The decline includes shrinking inventories at Cushing, Oklahoma, the delivery point for the U.S. contract, which lost 12, 000 barrels to61.67 million barrels.
Meanwhile, U.S. crude production retreated 4,000 barrels to 9.369 million barrels a day. U.S. rig count continued to drop last week, according to oil service company Baker Hughes. Analysts believed that low crude prices forced U.S. shale oil producers to slow down the output.
Oil prices were also supported by the weaker U.S. dollar. A depreciated greenback made the dollar-priced crude less expensive and more attractive for buyers holding other currencies.
The U.S. dollar fell against other currencies Wednesday as job data of the country came worse-than-expected.
The U.S. benchmark, West Texas Intermediate for June delivery, gained 53 cents to close at 60.93 U.S. dollar a barrel on the New York Mercantile Exchange. In London, Brent North Sea crude for June delivery, the global benchmark, moved up 25 cents to close at 67.77 dollars a barrel. Enditem
