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Post: Crude Oil Falls After Surprising Rise in US Crude Inventories.


Crude oil fell in early Asian trading on Wednesday, paring gains for two straight days after a report showed that US crude inventories unexpectedly rose last week, pointing to the possibility of weaker fuel demand. .
Brent crude futures fell 48 cents, or 0.6%, to settle at $74.84 a barrel. It’s up over 3 percent this week.
West Texas Intermediate crude futures fell 47 cents, or 0.7%, to settle at $69.20.

Data released by the American Petroleum Institute on Tuesday showed that crude oil inventories in the United States increased by about 3.3 million barrels in the week ended March 17, the sources said.

Meanwhile, markets await the outcome of today’s US Federal Reserve meeting, widely regarded as the toughest monetary policy stance the Fed has faced in recent memory.

After the meeting, US central bank governor Jerome Powell is expected to reveal new economic forecasts and the bank’s path to raising interest rates.

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Source: Al Ittihad

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