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Crude Oil Back Near Yearly High

Crude oil futures were higher Wednesday morning despite an industry report showed a surprise build in U.S. oil inventories.

The American Petroleum Institute reported a surprise build of 1.758 million barrels of United States crude oil inventories for the week ending April 6. That's after two weeks of inventories reductions.

The API also said gasoline supplies were higher.

The Energy Information Administration will release its official figures this morning.

Yesterday, the EIA raised its estimates for U.S. oil production and gasoline prices. An average price retail price for a gallon of regular gasoline will reach $2.74 a gallon for the April through September summer driving season, up 14% from a year ago, according to the EIA.

WTI light sweet oil was up 72 cents at $66.23 a barrel.

The rally has been supported by tensions in the Middle East and scant production from OPEC.

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