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Oil Prices Drop as Investors Underwhelmed by Crude Inventory Drawdown

Crude oil inventories dropped by 2.4 million barrels, the Energy Department reports on Wednesday. Spartan Commodity Fund CEO Alan Harry tells TheStreet's Joe Deaux that despite the drawdown, investors were looking for an even larger inventory decline to make up for the glut of supply. Ultimately, Harry says he expects WTI oil to fall to the $94 to $95 range. Harry says warmer weather in the months ahead will turn the distillate market, which has benefited from a cold winter.