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Oil is breaking down as US crude stocks rise, geopolitical risk fades

March 28, 2018

The oil market’s rally toward 2018 highs broke down on Wednesday as U.S. crude stockpiles jumped, geopolitical tensions faded into the background and a firmer dollar put pressure on the commodity.

Futures extended early losses after the U.S. Energy Information Administration reported the nation’s stockpile of crude oil jumped by 1.6 million barrels in the week through March 23. Stocks also jumped by 1.8 million barrels at the closely watched delivery hub for U.S. crude located in Cushing, Oklahoma.

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