U.S. Oil-Storage Glut Expands for Ninth Straight Week
Weekly Crude Oil Inventories Build by 4.51M Barrels
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Oil fell to a five-week low after the glut of U.S. crude in storage expanded for the ninth consecutive week.
Stockpiles rose one percent to 449 million, the EIA reported today. The amount of oil the U.S. is cranking out also rose, for the fifth consecutive week, to a rate of 9.37 million barrels a day.