NEW YORK, June 21 (Xinhua) -- Oil prices fell for a third straight session Wednesday, even though official data showed a larger-than-expected drawdown in U.S. crude stockpiles.
The U.S. Energy Information Administration (EIA) said in its weekly report Wednesday that U.S. crude inventories fell by 2.5 million barrels last week, exceeding market consensus of a 2.1 million-barrel drop.
However, U.S. oil production rose to 9.35 million barrels a day last week, marking the highest level in almost two years, said the EIA.
Analysts said that rising production from the U.S., Libya, and Nigeria, as well as stubbornly high stockpiles world-wide, are undermining views that the continuing production cuts led by the Organization of the Petroleum Exporting countries (OPEC) and Russia will lift prices.
The West Texas Intermediate for August delivery dropped 0.98 U.S. dollar to settle at 42.53 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery lost 1.20 dollars to close at 44.82 dollars a barrel on the London ICE Futures Exchange. Enditem
