Crude oil prices were lower Wednesday morning as U.S. stocks were poised for strong gains at the opening bell.
Asian stocks rallied overnight, putting markets in a decent mood elsewhere. Rebounding stocks could mean the Federal Reserve will raise interest rates next week, denting commodities prices.
Crude oil for October was down 65 cents at $45.30, unable to sustain last night’s move above $46.
Russia and OPEC continue to pump crude oil at a breakneck pace despite low prices and mounting global supplies. They think a price war will hurt U.S. and Canadian competition and stave off the adoption of alternative fuels.
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