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Crude Oil Rallies After API Shocker

Crude oil prices continued to soar Wednesday, as industry data showed another surprisingly large drawdown in U.S. oil inventories.

The American Petroleum Institute (API) reported a staggeringly large draw of 11.19 million barrels of United States crude oil inventories for the week ending January 5. This was the sixth consecutive weekly decline.

WTI light sweet crude oil rose 60 cents to $63.64 a barrel this morning, the highest in more than three years.

The Energy Information Admin is out with its U.S. inventories report at 10:30 am ET.

Import and Export Prices for December will be issued at 8.30 am ET. The economic analysts are looking for import prices to rise 0.4 percent compared to 0.7 percent in November. Export price index is expected to be 0.3 percent, down from 0.5 percent a month ago.

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