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U.S. Crude oil plunged 5% Wednesday.

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U.S. Crude oil plunged 5% Wednesday, undoing most of the monster rally.  The retreat took a bite out of the contract’s nearly 20% rebound that had begun on Thursday on hope that a cut in U.S. production would whittle down crude stockpiles.

The U.S. stocks were under pressure but inching higher on Wednesday, as crude-oil prices gave up part of the gains racked up over a four-day trading span.