America is still brimming with oil.
Last week, crude oil inventories rose by 10.9 million barrels from the previous week, according to the Energy Information Administration’s weekly data release. That brings the total to 482.4 million barrels, the highest level for this time of year in at least 80 years.
West Texas Intermediate crude oil fell by as much as 2.5% to as low as $US52.30 per barrel.
It’s lower for the first time this week after a rally brought it back in the green for the year. In a note Monday, Goldman analysts forecasted that US crude inventories will peak in April.
Here’s a chart showing the plunge after the data.
And here’s the massive build in inventories.