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Oil prices dropped on Wednesday over rising levels of US crude stockpiles, and low Chinese industrial output, however tensions in the Middle East prevented further drops. Brent crude futures dropped 0.3%, and were traded at $71.04 a barrel. U.S. West Texas Intermediate crude futures fell 0.7%, and were priced at $61.38 per barrel. An EIA report showed that crude inventories grew by 8.6 million barrels last week.