April crude oil prices turned lower during the early morning hours on reports of a possible peace plan for Libya. It appears that the Arab League is reviewing a potential peace plan for Libya that is being drafted by Venezuela's Hugo Chavez. Some traders indicated that the initial optimism over the plan was partially offset by reports that protestors in Bahrain planned mass protests for Friday. Wednesday's EIA inventory report showed an unexpected decline in US of 364,000 barrels. Even in the face of the weekly draw, crude oil prices took a brief pause after crude oil supplies held in Cushing Oklahoma reached a new record high of 38.57 million barrels. Crude stocks still stand 15.002 million barrels above the five year average. Crude oil imports for the week stood at 8.01 million barrels per day compared to 8.106 million the previous week. The refinery operating rate was 80.9%, up 1.5% from last week but down from 81.87% last year.