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Oil 2 week low after EIA report

The both crude benchmarks are seen hovering near two-week troughs, with WTI losing -1.15% to $ 37.87 while the Brent oil drops 1% to $ 39.67. Oil prices extend their losing streak into early Europe as resurgence of oversupply fears following a continued rise in the US crude stocks for the seventh straight week weighed on the sentiment around the black gold.
EIA weekly report showed stockpiles in the US expanded by 2.3 million barrels over the week to March 25, and hit a new record high of 534.8 million barrels.

The markets await crucial US macro releases in the upcoming sessions, while the US rigs count report due tomorrow is also eagerly awaited.

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