Oil prices rally on falling US inventories

New York: Oil prices rose sharply as government data showed US crude inventories dropped for a consecutive sixth week. The Energy Information Administration said in its weekly report on Wednesday that US crude oil inventories fell 4.1 million barrels to 526.6 million in the week ending June 24, Xinhua news agency reported. The West Texas Intermediate for August delivery gained $2.03 to settle at $49.88 a barrel on the New York Mercantile Exchange, while Brent crude for August delivery added $2.03 to close at $50.61 a barrel on the London ICE Futures Exchange.