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Oil Stuck Below $50 Despite U.S. Inventories Draw

Crude oil futures nudged higher Wedneday amid conflicting indications regarding the global supply glut.

U.S. crude oil inventories fell by 6.5 million barrels to 1.15 billion barrels while gasoline inventories rose 3.4 million barrels to 231.1 million barrels in the week ended Aug. 4, the Energy Information Administration reported Wednesday.

Analysts say that U.S. production slowing in the second half of the year, but the EIA maintained its 2018 production outlook.

Domestic output will average 9.91 million barrels a day next year, the EIA said yesterday.

Meanwhile, U.S. liquefied natural gas exports are set to increase nearly sevenfold over the next three years.

WTI light sweet crude oil was up 23 cents at $49.41 a barrel, holding recent gains.

by RTTNews Staff Writer

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