NEW YORK, June 18 (Xinhua) -- U.S. oil price dropped Wednesday as a government report showed that crude inventories at Cushing, Oklahoma, the delivery point for the U.S. crude contract gained last week.
For the week ending June 13, stockpiles at Cushing, the delivery point for WTI, gained 0.2 million barrels to 21.4 million, according to the Energy Information Administration (EIA). Nationwide crude stockpiles in the United States decreased 0.6 million barrels to 386.3 million last week. U.S. crude production increased 17,000 barrels a day to 8.477 million.
The geopolitical risks in Iraq continued to support the crude market, especially the Brent oil.
Militants attacked the Baiji refinery in northern Iraq, the country's largest. A fuel tank at Baiji refinery caught fire. The central government said its elite troops are still in control of Baiji. Markets worried that a takeover of Baiji by the militants could disrupt the domestic fuel supply
Light, sweet crude for July delivery moved down 39 cents to settle at 105.97 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery gained 81 cents to close at 114.26 dollars a barrel.