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WTI Tests $50 On Another Surprise Inventory Draw, Production Cut

Following last night's surprisingly large draw from API (-7.6mm vs +1.5mm exp), DOE reported a smaller 2.976mm draw (but still a draw). Cushing saw a bigger than expected (and API) build but Gasoline stocks rose less than expected (and API). Crude production fell modestly week-over-week, but hoveres around 8.5mm b/d. Crude prices dropped, then ramped towards $50... API Crude -7.
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