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Jan WTI crude oil this morning is down -$4.75 a barrel (-6.45%) at a 4-1/2 year low and Jan gasoline is down -0.1266 (-6.29%) at a 4-year low. Jan crude and Dec gasoline on Wednesday posted 1-week lows and closed lower. Closes: CLF5 -0.40 (-0.54%), RBF5 -0.0114 (-0.57%). Negative factors included (1) speculation that OPEC will refrain from cutting output at Thursday’s meeting after Saudi Arabian Oil Minister Ali Al-Naimi said the “market will stabilize itself,” (2) the +1.95 million bbl increase in weekly EIA crude supplies, more than expectations of +250,000 bbl, and (3) the +1.33 million bbl increase in crude supplies at Cushing, OK, the delivery point of WTI futures, to a 6-3/4 month high.