New York, Oct. 20 (Xinhua) -- Oil prices ended sharply lowerThursday, as investors became cautious after recent solidgains.

On Wednesday, oil prices surged, with U.S. oil hitting 15-monthhighs, as official data showed a surprisingly large weekly drop inU.S. crude inventories.

The Energy Information Administration said in its weekly reportWednesday that U.S. crude inventories dropped by 5.2 millionbarrels to a total of 468.7 barrels in the week through Oct.14.

Since the Organization of the Petroleum Exporting Countriesproposed its first output cut or freeze in eight years last month,oil prices had risen about 15 percent till Wednesday.

Meanwhile, a stronger U.S. dollar also made thegreenback-denominated oil less attractive for holders of othercurrencies. The dollar index, which measures the greenback againstsix major currencies, hit seven-month highs after the EuropeanCentral Bank kept interest rates unchanged.

The West Texas Intermediate for November delivery dropped 1.17U.S. dollars to settle at 50.43 dollars a barrel on the New YorkMercantile Exchange, while Brent crude for December deliverydecreased 1.29 dollars to close at 51.38 dollars a barrel on theLondon ICE Futures Exchange. Enditem

NEW YORK, Oct. 20 (Xinhua) -- Oil prices ended sharply lowerThursday, as investors became cautious after recent solidgains.

On Wednesday, oil prices surged, with U.S. oil hitting 15-monthhighs, as official data showed a surprisingly large weekly drop inU.S. crude inventories.

The Energy Information Administration said in its weekly reportWednesday that U.S. crude inventories dropped by 5.2 millionbarrels to a total of 468.7 barrels in the week through Oct.14.

Since the Organization of the Petroleum Exporting Countriesproposed its first output cut or freeze in eight years last month,oil prices had risen about 15 percent till Wednesday.

Meanwhile, a stronger U.S. dollar also made thegreenback-denominated oil less attractive for holders of othercurrencies. The dollar index, which measures the greenback againstsix major currencies, hit seven-month highs after the EuropeanCentral Bank kept interest rates unchanged.

The West Texas Intermediate for November delivery dropped 1.17U.S. dollars to settle at 50.43 dollars a barrel on the New YorkMercantile Exchange, while Brent crude for December deliverydecreased 1.29 dollars to close at 51.38 dollars a barrel on theLondon ICE Futures Exchange.