Crude oil prices near $49 US a barrel, still about 40% above year-ago level

Crude oil futures prices fell Wednesday but remained roughly 40 per cent higher than a year ago, trading near $49 a barrel as traders weighed continued supply concerns, high demand from China’s booming economy and speculation over a coming OPEC decision on output.

In its weekly petroleum supply report, the U.S. Energy Department said Wednesday that supplies of crude oil grew last week by 3.4 million barrels to 295.6 million barrels, or nine per cent above year-ago levels.

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