U.S. Oil Stockpile Continues To Grow – 10 April, 2019

U.S. crude inventories hit  their highest levels in 17 months, causing the price of oil to take a tumble. As of last week, inventories rose by 7 million barrels for a total of 456.6 million barrels, their highest levels since November 2017. U.S. West Texas Intermediate crude oil futures dropped 25 cents and 0.4 percent to $64.36 per barrel. International Brent futures fell 16 cents and 0.2 percent to $71.57 per barrel. The U.S. has become the worlds biggest producer of oil with a record 12.2 million barrels per day, putting them ahead of Russia and Saudi Arabia. Global markets, however, have been able to remain tight on supply cuts by OPEC as well as U.S. sanctions on Iran and Venezuela.