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IEA supply warning sinks oil market

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New York - World oil prices sank Friday after the International Energy Agency warned that US crude inventories were nearing storage capacity amid a global oversupply.

US benchmark West Texas Intermediate for April lost $2.21 to close at $44.84 a barrel on the New York Mercantile Exchange.

In London, the global benchmark, Brent North Sea crude for April delivery, settled at $54.67 a barrel, down $2.41 from Thursday's closing level.

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