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Crude Oil Rally Loses Steam

Crude oil futures nudged lower Wednesday morning, unable to extend recent gains. A stronger dollar and concerns about global demand weighed on energy prices.

Still, its been a spectacular month for oil bulls. Prices have surged above $70 a barrel to the highest since 2014.

OPEC's promise to cut production has inspired the rally, along with geopolitical tensions.

WTI light sweet oil was down 30 cents at $71.09 a barrel.

The IEA cut its forecast for global demand growth to 1.4 million barrels per day for 2018, from a previous estimate of 1.5 million bpd.

Industry group the American Petroleum Institute reported Tuesday that U.S. crude supplies rose by nearly 4.9 million barrels for the week ended May 11. However, there was a decline of 3.4 million barrels in gasoline stockpiles.

The government's EIA inventories report is out this morning.

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