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Crude Oil Crawling Near $50 After API Reports Huge Drawdown

Crude oil futures rose Wednesday morning as industry data showed a surprisingly large build in U.S. oil stockpiles.

The American Petroleum Institute (API) reported a major draw of 7.839 million barrels in United States crude oil inventories.

Analysts expect the Energy Information Administration to report a smaller drawdown this morning.

It's a further sign that markets are re-balancing and the global supply glut may be over by this time next year.

WTI light sweet crude oil was up 38 cents to $49.55 a barrel.

Tensions between the U.S. and North Korea put a cap on this morning's advance.

Second-quarter productivity and labor costs are on tap at 8:30 a.m. Eastern Time. At 10 a.m. Eastern, a June figure for wholesale inventories is due to hit.

Later, Chicago Fed President Charles Evans is scheduled to talk with reporters about the economy and monetary policy at 1 p.m. Eastern.

by RTT Staff Writer

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