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Crude Oil Drifts Lower After API Report

Crude oil futures were lower Wednesday morning after industry data showed U.S. gasoline inventories continued to rise.

The American Petroleum Institute (API) reported a draw of 730,000 barrels of United States crude oil inventories for the week ending June 8. That's less than forecast. At the same time, there was a gasoline surplus of 2.3 million barrels.

WTI light sweet crude oil was down 30 cents at $66 a barrel.

The Federal Reserve's interest rate decision will be closely watched this afternoon for its impact on the U.S. dollar.

In ecnomic news from overseas, Eurozone industrial production decreased in April after recovering in the previous month, data from Eurostat showed Wednesday.

Industrial output fell 0.9 percent month-over-month in April, reversing a 0.6 percent increase in March, which revised up from 0.5 percent.

by RTTNews Staff Writer

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