Oil extends losses after report shows surprise u s stocks build

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Oil prices extended their losses after a report showed that US crude oil inventories unexpectedly rose last week. The surprise build in stocks, combined with concerns over global demand and a stronger US dollar, weighed on oil prices.

According to the Energy Information Administration (EIA), US crude oil inventories increased by 2.1 million barrels in the week ended March 12, defying expectations of a decline. This unexpected build in stocks contributed to the decline in oil prices, as it suggests that demand for oil is not as strong as previously thought.

Additionally, concerns over global demand for oil, particularly in China, where the economy is slowing down, also put pressure on oil prices. The stronger US dollar, which makes oil more expensive for holders of other currencies, also weighed on prices.

As a result, Brent crude oil futures fell by 1.4% to $63.45 per barrel, while US West Texas Intermediate (WTI) crude oil futures dropped by 1.5% to $59.35 per barrel.

It's worth noting that oil prices have been volatile in recent weeks, influenced by a range of factors including the COVID-19 pandemic, OPEC+ production cuts, and global economic concerns.