May 19, 2016 - 10:50 AM EDT
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Crude Oil Holds Above $48

WASHINGTON (dpa-AFX) - Crude oil futures were lower Thursday, unable to extend this week's 7-month highs.

June WTI oil ended at $48.16/bbl on Nymex, down 3 cents.

Some traders took profits after a rally inspired by speculation the global supply glut will soon dwindle.

There was little reaction to yesterday's data showing a surprise build in US crude oil inventories.

U.S. commercial crude oil inventories increased by 1.3 million barrels from the previous week. At 541.3 million barrels, U.S. crude oil inventories are at historically high levels for this time of year.

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Source: News (May 19, 2016 - 10:50 AM EDT)

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