Oil prices fell sharply on Thursday extending their losses on expectations that U.S. crude stockpiles will reach a record level. The American Petroleum Institute, an industry group, said late Wednesday its data showed a 14.3 million-barrel increase in crude stocks last week . The U.S. Energy Information Administration will release its official data later Thursday. In recent weeks, oil futures have rebounded strongly , with Brent—the global price benchmark—up close to 30% from its mid-January low. But U.S. stockpiles and production data, which have been hitting records in recent months, indicate that the market is still suffering from the oversupply which drove oil prices off a cliff last year. Brent crude for April delivery fell 2.3% to $59.10 a barrel on London’s […]