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.



Categories: Economics

Tags:

2 replies

  1. 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

Trackbacks

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

This is not a forum for the left, so if you're a commie please go elsewhere. New commenters automatically moderated until cleared.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s