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WTI oil futures rebound 2% ahead of weekly supply report

West Texas Intermediate oil futures rebounded from the prior session’s steep decline in Europe trade on Wednesday, amid speculation weekly supply data due later in the session will show U.S. crude inventories rose at a slower pace than expected last week.

The U.S. Energy Information Administration will release its weekly report on oil supplies at 15:30GMT, or 10:30AM ET, amid expectations for a gain of 3.6 million barrels.

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