Crude oil futures were little changed below $50 a barrel for a second day Wednesday, ahead of closely watched U.S. oil inventories data.
Industry watcher the American Petroleum Institute said U.S. crude oil inventories rose by 8.9 million barrels in the week ended Feb. 20, representing another unexpectedly large build in stockpiles.
The Energy Information Administration is out with official numbers this morning at 10 am ET.
April crude oil was up 10 cents at $49.35 a barrel, having briefly slipped below $49. Prices have been relatively steady since crude recovered from a 6-year low near $44 a few weeks ago.
Reports said OPEC will not have an emergency meeting to discuss low oil prices. It is thought that Saudi Arabia and other big producers are happy to keep prices low in order to stifle non-OPEC competition.
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