Oil prices have turned lower, but are holding above $89 a barrel, despite a new Energy Information Administration report that U.S. stockpiles fell sharply last week by 4 million barrels, three times as much as analysts predicted.
Separately, the American Petroleum Institute yesterday, gauged the drop at 3 million barrels for the week.
Crude oil for October delivery is currently down 4 cents at $89.30 a barrel.
The U.S. Oil ( USO ) exchange traded fund is trading at $34.73, up 4 cents, or
0.12%, while oil-heavy Energy Select Sector SPDR ( XLE ) is at $67.85, down 5 cents or 0.07%.
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