Economics
Fuel Stocks at 20-Year High May Send Oil to $70: Energy Markets
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The biggest U.S. petroleum stockpiles in two decades are leading oil bears to predict further price declines that may lead OPEC to restrict production.
Inventories of crude and fuel products rose to 1.13 billion barrels last week, the highest level since the Energy Department began keeping combined weekly data in January 1990, according to a report Aug. 18. Oil has fallen 11 percent since reaching a three-month high on Aug. 3.