Oil stockpiles hit record high

West Texas Intermediate sank $1.12 in New York and Brent tumbled 46 cents in London on Thursday after a government report showed surging US stockpiles, adding to a global oversupply.

The US Department of Energy on Wednesday said inventories hit a fresh record high of 448.9 million barrels last week, while stockpiles at the Cushing terminal hub in Oklahoma — the price settlement point for WTI — also increased.

Some in the business are predicting prices will fall to $20 bbl before they rise again. The US is currently ranked third among the world’s biggest oil producers, after Saudi Arabia and Russia, marked by a sharp 53% increase in production in 2011.

2 thoughts on “Oil stockpiles hit record high

  1. Pingback: My Article Read (3-14-2015) | My Daily Musing

  2. Interesting thought.

    Who will benefit most when the Oil price starts to rise again.

    My guess is the people in control of the stock piles.

    Like

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