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Crude oil price continued to fall Wednesday morning ahead of expectations the government will again report record high U.S. inventories for this time of year.
In a key prelude to this morning's Energy Information Administration report, industry group the American Petroleum Institute said U.S. inventories jumped 4.5 million barrels after a brief respite the week before.
Meanwhile, Goldman Sachs analysts say OPEC will have a hard time getting its supply quota plan to re-balance the global market.
"Our database of the industry's new oil & gas developments shows that 2017-19 is likely to see the largest increase in mega projects production in history, as the record 2011-13 capex (capital expenditure) commitment yields fruit," the analysts said.
WTI light sweet crude for May was down 72 cents, or 1.49%, to $47.50 a barrel.