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Oil Steadies As US Rig Count Drop Offsets Stockpile Worry

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NEW YORK, March 24 (Reuters) - Oil prices steadied on Thursday, paring losses after a renewed drop in U.S. oil rigs, but analysts and traders said there could be another selloff in the coming week if U.S. crude stockpiles hit record highs again.

Earlier in the day, U.S. crude futures slid 4 percent and Brent below $40 a barrel, extending bearish sentiment from Wednesday when the U.S. government reported a crude inventory build three times above market expectations.

http://www.downstreamtoday.com/news/article.aspx?a_id=51548

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