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.