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US Oil Declines As Inventory Increased

US Oil declined after the report from US government showed that oil inventories increased more than expectations last week. The U.S. Energy Administration reported that U.S. crude oil inventories increased by 4.1 million barrels in the week ended February 28 above the expectations for an increase of 1.3 million barrels. On the four hour chart Oil found support at 101.87 and may rise from this level as the pair is in the oversold zone of the stochastic oscillator.