NEW YORK, Aug.16 (Xinhua) -- Oil prices declined on Wednesday after the release of key oil inventory data.

The West Texas Intermediate for September Delivery erased 0.77 dollar to settle at 46.78 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery lost 0.53 dollar to close at 50.27 dollars a barrel on the London ICE Futures Exchange. Enditem