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Crude Oil Recovers Early Losses

Crude oil futures nudged higher Wednesday amid a large decrease in U.S. oil stockpiles.

June WTI oil inch up by 18 cents, or nearly 0.3%, to settle at $71.49/bbl

Crude inventories fell by 1.4 million barrels in the week to May 11, compared with expectations for a decrease of 750,000 barrels.

Once again, the government's data was in contrast to the weekly industry report from the American Petroleum Institute.

The API reported Tuesday that U.S. crude supplies rose by nearly 4.9 million barrels for the week ended May 11.

The International Energy Agency cut forecasts for global oil demand growth in 2018 as the highest prices in three years put a brake on consumption.

"The recent jump in oil prices will take its toll," said the agency.

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