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Reuters reported that oil prices fell after the US government reported that crude oil inventories have reached a record high.
Reuters reported that oil prices fell after the US government reported that crude oil inventories have reached a record high.
As quoted in the market news:
The U.S. Energy Information Administration (EIA) said domestic crude oil stocks rose by almost 9 million barrels last week to reach nearly 407 million, their highest since the government began keeping records in 1982.
A Reuters poll on Tuesday had forecast a build of just above 4 million barrels for the week to Jan. 23. The American Petroleum Institute, an industry group, had estimated a far bigger growth of nearly 13 million barrels.