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Oil prices were lower on Wednesday as supplies in the U.S. rose, while expectations that voluntary production cuts led by the producer cartel OPEC could be loosened were also cited as headwind.
Crude Oil WTI Futures for July delivery were trading at $65.98 a barrel at 12:41AM ET (04:41 GMT), down 0.57%. Brent Oil Futures for August delivery, traded in London, were also down 0.34% at $75.62 per barrel.
Meanwhile, Shanghai Crude Oil WTI Futures for September delivery were down 0.8% at 465.50 yuan per barrel on Wednesday.
The American Petroleum Institute (API) reported on Tuesday that crude oil inventories jumped 830,000 barrels last week to 433.7 million, as U.S. crude production surged 28% in the last two years to a record 10.8 million barrels per day.
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