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Oil prices drop on fears that rally is fizzling out

Published 29/03/2016, 12:40
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Investing.com - Oil prices fell on Tuesday as concerns mount that a rally since January is fizzling out, while analysts forecast another rise to record levels for U.S. crude stockpiles.

U.S. oil was down 62 cents at $38.77 a barrel at 12.04 GMT. Brent fell 78 cents to $40.09.

The American Petroleum Institute will release its weekly inventory data on Tuesday at 2030 GMT, while the Energy Information Administration will publish its data on Wednesday at 1430 GMT.

Both oil benchmarks are up about 50% from 12-year lows hit in mid-February but the oil market has taken on a weaker tone in the past week, along with other commodities.

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