U.S. Oil Supply Growth at Record Pace Seen Pressuring Prices
(Bloomberg) — An unprecedented glut of crude in the U.S. expanded last week, signaling further weakness for oil prices already near a six-year low.
Stockpiles at Cushing, Oklahoma, the delivery point for West Texas Intermediate futures traded in New York, rose 2.87 million barrels in the week ended March 13 to a record 54.4 million. Nationwide stockpiles are the highest since 1931.
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