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Oil Supplies Keep Rising

With imports up and demand down, crude oil inventories have only one direction to go: Up.

This morning's weekly Petroleum Inventory showed crude and product inventories on the rise more than anticipated. That sent crude prices down more than $2 a barrel on Wednesday morning, with nearby futures breaking chart support, targeting the low $40s if the market is unable to regain its footing fast.

Crude oil stocks increased 2.8 million barrels in the latest week. That was more than expected by analysts but below the 3.3 million projected by the American Petroleum Institute's weekly survey.