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Oil Prices Drop to US$61/barrel as Inventories Rise

Oil prices dropped on Wednesday, with WTI crude falling towards the $61 a barrel level after API data showed an unexpected build in US crude inventories last week.

Markets were already facing some downward pressure on easing supply concerns as producers in the southern United States are slowly resuming production after weather-related disruptions.

Still, oil has a strong fundamental backdrop amid tightening supplies and signs of a global economic recovery, fuelled by large stimulus packages globally and the rollout of COVID-19 vaccination.

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