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Crude Oil Drops Below $59 As Inventories Rise

Crude oil prices continued to fall Wednesday morning as traders considered the latest data on U.S. oil inventoties.

The American Petroleum Institute (API) reported a build of 3.947 million barrels of United States crude oil inventories for the week ending February 9. That's slightly more than analysts were expecting.

The U.S. Energy Information Administration report on oil inventories is due to be released on Wednesday at 10:30 am ET.

U.S. production is expected to rise sharply, offsetting the supply quota plan being carried out by OPEC.

WTI light sweet crude oil was down 45 cents at $58.75 an ounce, falling further from recent 4-year highs.

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