
Oil Up Over 8% Despite Record High Inventories
Crude oil inventories break above 500 MMBO U.S. crude oil inventories continued to grow this week, reaching a new record high of 502.7 MMBO, according to information from the Energy Information Administration. Crude inventories rose 7.8 MMBO in the last week, exceeding analysts’ expectations of an increase of just 4.8 MMBO, as imports jumped and refiners trimmed throughput. Crude imports