America is still brimming with oil.
The Energy Information Administration said Wednesday that crude oil inventories rose by 8.2 million barrels last week. Analysts had expected a build of 4.75 million barrels, according to Bloomberg.
“At 466.7 million barrels, U.S. crude oil inventories are at the highest level for this time of year in at least the last 80 years,” the EIA said.
After the release, West Texas Intermediate crude was higher and little changed at around $US48.17.
Analysts have been concerned that America’s crude storage is fast approaching tank tops. But as Business Insider’s Shane Ferro reports, the seasonal summer demand from refineries should soon begin to flatten crude inventories, so there isn’t really a storage crisis after all.
Here’s the chart of WTI.