Based on the early price action, the direction of the December WTI crude oil futures contract on Thursday will likely be determined by trader reaction to the short-term 50% level at $52.94. U.S. West Texas Intermediate crude oil futures are trading lower early Thursday and in an extremely tight range after an industry report showed a huge inventory build that more than offset the hope of increased production cuts by OPEC and its allies at its December meeting. Losses may have been limited by a weaker U.S. Dollar, which tends to drive up foreign demand for dollar-denominated crude oil. At 04:06 GMT, December WTI crude ... (full story)