DAILY COMMODITY MARKET STRATEGY- 30 Mar 2016

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Oil prices rebound on less than expected build in stocks

Oil futures rebounded in Asian trade on Wednesday, buoyed by a forecast for a less than expected build in crude oil stockpiles last week. A weakening dollar also lent some support but concern that a two-month rally was fading in an oversupplied market put a ceiling on gains.

Brent futures climbed 40 cents to USD 39.54 a barrel as of 0104 GMT after settling down USD 1.13 in the previous session.

US crude rose 45 cents to USD 38.73 a barrel after ending the previous session down USD 1.11.

Oil prices fell about 3 percent in the previous session after Kuwait and Saudi Arabia said they would resume production at the jointly operated 300,000-barrel-per-day Khafji field even as oil output is supposed to be capped.

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