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Oil prices fell in early Asian trade after two straight days of gains as a report showed U.S. crude inventories rose unexpectedly last week, a sign that demand for the fuel may be weakening, Reuters reported.

Brent crude, which has risen more than 3 percent this week, was down 37 cents, or 0.5 percent, at $74.95 a barrel by 06:00 Bulgarian time.

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OPEC oil fell below $71 a barrel

U.S. light crude lost 39 cents, or 0.6 percent, to $69.28 a barrel.

U.S. crude oil inventories rose by about 3.3 million barrels in the week ended March 17, sources said, citing data from the American Petroleum Institute (API).

By contrast, experts polled by Reuters had expected oil inventories to fall by about 1.6 million barrels.

At the same time, the markets are watching today's meeting of the Federal Reserve Board (FRA).

The institution's president, Jerome Powell, is expected to present new economic forecasts as well as provide guidance on the upcoming actions the central bank plans to take to raise interest rates and curb inflation.

Last week, oil prices posted their biggest declines in months after bank failures rocked the US.

The emergency rescue of the Swiss bank "Credit Suisse" over the weekend helped revive oil prices, BTA writes.

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