Oil Prices Drop as US Reports Record Crude Oil Stocks

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.

Click here for the full Reuters report