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Oil Supply at 80 Year High

Oil Supply at 80 Year High

Crude oil inventories increased yet again last week.   That’s the 13th straight weekly increase, the longest streak since 1983.

According to the Energy Information Administration, “U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 10.9 million barrels from the previous week. At 482.4 million barrels, U.S. crude oil inventories are at the highest level for this time of year in at least the last 80 years.”

From Bespoke Investment Group:

Yet according to the Wall Street Journal, most market analysts are expecting the prices to stabilize before reaching roughly $70 by the end of the year.