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After Wednesday' s surprising upside performance, October crude oil futures prices took a breather overnight. Futures traders noted the outside tone also seemed somewhat skeptical of the positive response to Wednesday' s global growth data, and that has left some wondering if the advance may have been overdone. There is also some anxiety ahead of U.S. scheduled data this morning and the August Non-Farm Payroll figure that is expected on Friday. Some traders pointed to an area of concern for October crude oil going forward was the record high total U.S. petroleum stocks, which are estimated at 1.143 billion barrels. EIA crude stocks rose 3.425 million barrels, about three times higher than expectations, and are 18.319 million barrels above year ago levels. Actual crude oil production broke out to a multi-year high and is now running at 2004 levels of 5.602 million barrels per day. As a comparison, reports out of Russia pegged their oil production down 0.8% in August to a new seven week low of 10.06 million barrels per day, nearly two times the pace of the U.S.
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