U.S. Crude Hits 6.5 Year Low on Surprise Stock Build
August 19th, 2015Down nearly 5% right now.
Via: Reuters:
Oil prices fell about 4 percent on Wednesday, with U.S. crude hitting 6-1/2 year lows and threatening to break below $40, after a huge unexpected stockpile build in the United States reinforced concerns about a growing global oil glut.
U.S. crude inventories rose by 2.6 million barrels last week to 456.21 million, the government’s Energy Information Administration said.
The figures stunned energy market analysts on Wall Street, as well as traders and investors who had been expecting a stockpile drawdown despite the peak U.S. summer driving season nearing its end and refinery problems cutting fuel processing capabilities.
