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U.S. Oil Inventories Surge for Seventh Week

After a jump of 2 percent, they're at an 80-year high
US OIL MARKETS
Photographer: Carlos Javier Sanchez/ Bloomberg

Crude oil in storage in the U.S. jumped 2 percent, to 434 million barrels, according to EIA weekly data released today, Feb. 25. The increase of 8.43 million barrels was more than double the median estimate in a Bloomberg survey of analysts and was the biggest increase in a month.

U.S. oil storage is bursting at the seams amid a global glut of supply that has driven prices down by half since last summer. U.S. inventories remain at their highest levels in at least 80 years, according to an analysis by Bloomberg Intelligence.