Oil prices fall despite big draw in U.S. inventories

NEW YORK, March 29 (Xinhua) -- Oil prices declined on Wednesday even after data showing a significant drop in U.S. crude stockpiles.

The West Texas Intermediate for May delivery dipped 23 cents, or 0.31 percent, to settle at 72.97 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery lost 37 cents, or 0.47 percent, to close at 78.28 dollars a barrel on the London ICE Futures Exchange.