| The Energy Information Administration (EIA) of the US reported oil inventory data of the country on Wednesday. EIA report showed an increase of 4.5 million barrels in crude oil supplies during the last week, taking the inventory to 448.9 million barrels.
According to the EIA, this is the ninth weekly gain and represents an 80-year high level. Compared to this time last year, crude inventories are approximately 20% higher. West Texas Intermediate (WTI) futures are the benchmark of crude oil price in the US. The physical point of its delivery is in Cushing, Oklahoma, where crude oil supply has increased by 2.3 million barrels to reach 51.5 million barrels...............................................Full Article: Source
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