Oil prices increase as oversupply concerns ease

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NEW YORK, Aug. 29 (Xinhua) -- Oil prices rose on Thursday as investors' long-time oversupply concerns were eased by a steep drop in U.S. crude oil inventories.

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 10.0 million barrels during the week ending Aug. 23 from the previous week, the U.S. Energy Information Administration said in a report on Wednesday.

At 427.8 million barrels, U.S. crude oil inventories were at the five-year average for this time of year.

However, analysts have warned that a global economic slowdown due to trade uncertainties would lead to softer crude oil demand and drag down oil prices.

The West Texas Intermediate for October delivery increased 0.93 U.S. dollar to settle at 56.71 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery added 0.59 dollar to close at 61.08 dollars a barrel on the London ICE Futures Exchange. Enditem

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