| OPEC's increased output is still on its way into the world market, and foundering oil prices may have further to fall. A record amount of oil just went into U.S. storage last week. Some of it is probably only an accounting snag. But a lot of it appears to be from a wave of oil still on the way to U.S. shores.
All the pressure is pushing U.S. crude to plumb new one-month lows Thursday. It’s the second-straight day of declines tied to the data showing more crude went into storage last week than any other in 34 years of government records. Imports hit a four-year high, and international exporters are still pumping full tilt, loading up more and more oil into ships for sale around the world.............................................Full Article: Source
|