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Crude Oil Flat After EIA Surprise

Crude oil futures were flat Thursday morning after losing ground in the previous session.

WTI light sweet oil was up 3 cents $56.84 a barrel -- staying near Tuesday's 2-year peak.

Prices leveled off yesterday after data showed the U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.2 million barrels from the previous week, the EIA said.

U.S. crude oil imports averaged about 7.4 million barrels per day last week, down by 194,000 barrels per day from the previous week.

Traders expect OPEC to extend their supply quota plan with Russia later this month.

Few analysts have predicted otherwise, but Citigroup warns the meeting will disappoint.

There is an exuberance in the market about there being a done deal to extend through the end of 2018 and I think there's likely to be disappointment in that come Nov. 30," Ed Morse of Citigroup told Bloomberg. "Our base case is that we do not get a full-year extension on Nov. 30."

by RTT Staff Writer

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