International crude oil prices decreased on March 16 as Libya urged the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, to speed up the crude oil supply.
Besides, the US Energy Information Administration (EIA) announced the crude oil stock rose by 4.3 million barrels on March 16, which was expected to have a decrease previously. The signs of progress between Russia and Ukraine peace talks also alleviated market concerns a little.
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