Oil benchmarks on both sides of Atlantic extends its bearish run into a fourth-day today, as fears over mounting oversupply worries resurfaced ahead of the weekly inventory report from API. Oil awaits API report Currently both crude benchmarks are seen adding to the previous losses, with WTI losing -0.74% to $ 39.10 while the Brent oil drops -0.93% to $ 40.49. Oil prices keep the red zone amid resurgence of supply overhang concerns as the US crude supplies are expected to rise for the seventh consecutive week. The US crude inventories are expected to expand for the seventh straight week in the week ended March 25, and hit a fresh record high. Moreover, bearish price outlook for the black gold by major analysts also weighed negatively on the oil markets. Analysts at Barclays explained that oil prices may slip back the $30 levels if net inflows into commodities dissipate. Analyst at ANZ noted, "The recent rally appears to be running out of steam as investors pull back on bullish positions. This will remain the case without continued improvement in fundamentals." Focus now remains on the API and official government (EIA) weekly stockpiles report for next direction on the oil prices. For more information, read our latest forex news.