Oil prices fall on concerns over rising U.S. inventories

NEW YORK-- Oil prices dropped on Wednesday on expectations that U.S. crude inventories will continue to rise.

Analysts estimated that crude stocks could have increased by about 3.3 million barrels last week, its seventh weekly build.

The U.S. Energy Information Administration will release Petroleum Status Report at 11 a.m. EST on Thursday, delayed a day because of the federal holiday on Monday.

The West Texas Intermediate for April Delivery erased 0.74 dollars to settle at 53.59 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery decreased 0.82 dollars to close at 55.84 dollars a barrel on the London ICE Futures Exchange.

Source: Philippines News Agency

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