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Crude Oil Prices Edged up as U.S. Dollar Falls

Oil prices rose Wednesday as the U.S. dollar depreciated against other currencies.

A weaker greenback made the dollar-priced crude less expensive and more attractive for buyers holding other currencies.

U.S. crude supplies gained 2.3 million barrels to 534.8 million barrels last week, 63.4 million barrels more than one year before, according to the weekly report released by the Energy Information Administration (EIA) Wednesday.

The increasing output from U.S. dragged the market. Crude production of the country gained 10,000 barrels to 9.078 million barrels a day last week, according to the EIA.

The West Texas Intermediate for May delivery moved up 4 cents to settle at 38.32 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery increased 12 cents to close at 39.26 dollars a barrel on the London ICE Futures Exchange.

By Robert Muriisa.

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