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2017.10.2508:21:00UTC+00Crude Oil Rally Pauses After API Report

Crude oil prices inched lower Wednesday morning, trimming recent gains after an industry report showed a surprise build in U.S. stockpiles.

The American Petroleum Institute (API) reported a small build of 519,000 barrels in United States crude oil inventories. While gasoline supplies plunged, the rise in crude oil inventories couples with OPEC's sluggish compliance with supply quotas suggests the global market is still awash in crude oil.

The Energy Information Administration is out with its official U.S. inventories report this morning.

In the meantime, WTI light sweet oil was down 15 cents at $52.32 a barrel, easing from recent highs.

The Commerce Department's Durable Goods Orders for September will be published at 8.30 am ET. The economists are looking for 1.0 percent growth, compared to 1.7 percent in the previous month.

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