Oil in Storage Rises More Than Expected Again
11th Straight Increase
The oil-supply problem explained
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America's oil in storage just hit another record after rising for the 11th consecutive week.
Stockpiles rose 8.2 million barrels, or 1.8 percent, to 466.7 million barrels last week, the EIA reported today. Analysts had expected an increase of 4.75 million barrels. The amount of oil the U.S. is cranking out also edged up slightly, for the seventh consecutive week, to a rate of 9.42 million barrels a day.