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Crude Oil Clings To $50, OPEC Deal In Limbo

Crude oil futures were little changed Thursday morning, as traders continued to weigh this week's U.S. inventories data.

The U.S. EIA reported this morning that U.S. crude inventories dropped by 6 million barrels last week. However, total motor gasoline inventories increased 1.6 million barrels last week, and are in the upper half of the average range.

Earlier, an industry report from the American Petroleum Institute said crude oil stockpiles dropped 4.08 million barrels, but that gasoline inventories surged up 4.19 million barrels.

The gasoline glut means reduced demand for crude oil as refiners scale back.

Meanwhile, reports have surfaced indicating Russia is growing impatient with OPEC and wants out of its supply quota agreement. Recent data showed OPEC compliance with the plan is only 86%.

WTI light sweet crude oil was up a few cents at $50.02 a barrel, having fallen from near $52 this month.

by RTT Staff Writer

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