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Oil Prices Dip Into Red, Despite Sharp Drop in U.S. Crude Inventories Last Week

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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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