Oil Rally Seen Reversing on Biggest U.S. Glut in Decades
Oil Trades Near 2015 High on U.S. Slowdown
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Oil’s surge to the highest level of the year may be short-lived as the biggest U.S. stockpiles in 85 years cushion against a drop in production.
West Texas Intermediate crude jumped about 7 percent this week after the Energy Information Administration predicted that the shale boom that’s swelled U.S. output to a record is ending. The nation’s inventories increased for a 14th week to the highest level since 1930, EIA data showed Wednesday.