Price of oil dwindles despite surge in supplies

Oil prices dropped Friday as the enormous stock dragged the market down.

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U.S. crude supplies of last week added 2.1 million barrels to 504.1 million barrels, 78.5 million barrels more than one year before, according to the weekly report of the U.S. Energy Information Agency (EIA) Thursday.

oilInventories at Cushing, Oklahoma, the delivery point for the U.S. contract, gained 30,000 barrels to 64.73 million barrels.

The U.S. oil rig count tumbled 26 to 413 this week, the lowest level since December 2009, according to the report of oil service company Baker Hughes on Friday.

Traders believed that it takes time for market to draw down the huge stockpiles.

The West Texas Intermediate for March delivery moved down 1.13 U.S. dollars to settle at 29.64 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery decreased 1.27 dollars to close at 33.01 dollars a barrel on the London ICE Futures Exchange. Enditem

Source: Xinhua

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