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Written by Bob Burton
Oil prices gave up on early gains yesterday (March 1st) as concerns about the weakness of demand for products such in the US crude, heating oil and petrol in the US re-emerged.
Despite earlier sentiment that there may be marginal improvement in demand seen in this week's reports from the Energy Information Administration and American Petroleum Institute, a Bloomberg poll revealed a countering prediction of further rises in fuel inventories.
Toby Hassall, a research analyst at CWA Global Markets in Sydney, told the news agency: "In terms of the oil market's internal supply and demand fundamentals, the picture remains fairly soft. There's ongoing speculation that we're going to need some firmer physical fundamental data to push oil higher."
In trading yesterday, crude prices dipped back below $80 (£53) a barrel, while heating oil prices also lost ground.
Both commodities have been relatively flat in early trading this morning.
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