Wednesday, January 14, 2015

Crude Oil Inventory Surges to 80-Year High

Now this is what I call downward pressure on oil prices.

The U.S. Energy Information Administration released its weekly petroleum status report this morning. U.S. commercial crude inventories increased by 5.4 million barrels last week, maintaining a total U.S. commercial crude inventory of 387.8 million barrels. Crude inventories are at their highest level for this time of year in at least the past 80 years.

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