US crude oil inventories continue to swell

US crude oil inventories continue to swell.

Last week, oil inventories rose by 1.3 million barrels from the previous week, according to the Energy Information Administration’s weekly data release.

That brings the total to 483.7 million barrels, maintaining inventories at the highest level for this time of year in at least 80 years.

Earlier Wednesday, West Texas Intermediate crude oil climbed to as high as $US54.24 per barrel, the most since mid-February.

In its annual energy outlook published Tuesday, the EIA projected that the US will produce 10.6 million barrels per day in 2020.

A separate EIA report Monday forecasted that drilling in the Bakken and Eagle Ford regions will slow down month-over-month in April.

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