US oil inventories surge to another 80-year high

Oil inventories rose more than expected last week.

Commercial crude oil inventories rose by 5.3 million barrels from the previous period, according to the Energy Information Administration's weekly data release.

The consensus forecast was for a build of 3.2 million barrels.

This brings the total to 489 million barrels, keeping inventories at the highest level for this time of year in at least 80 years.

Last week, inventories increased by 1.3 million barrels (vs 10.9 million forecast) to a total of 483.7 million.

West Texas Intermediate crude oil rose by nearly 1% to as high as $57.11 after the release.

WTI has traded above $50 a barrel for more than two weeks.

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