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Oil, Fed in focus for Street

Oil prices and comments from Fed policymakers will likely drive U.S. market action Wednesday.

Traders' hopes for a crude production cut were dashed by comments from Saudi Oil Minister Ali al-Naimi on Tuesday, although he said producers will hopefully meet in March to negotiate an output freeze.

U.S. oil futures settled lower, at $31.87 a barrel, down 4.5 percent Tuesday. WTI extended losses after the settle following news that domestic crude stockpiles grew by more than twice expectations, according to American Petroleum Institute data cited by Reuters.

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