Oil Supplies Surge to 22-Year High
U.S. crude oil inventories rose to the highest level in more than 22 years last week as production surged and refineries wrapped up annual maintenance programs, Bloomberg News reported Tuesday.
Stockpiles jumped 2.25 million barrels, or 0.5% , to 388.2 million for the week ended Friday, Bloomberg said.
The U.S. Department of Energy will release its weekly inventories report Wednesday for crude, gasoline and distillates, which include diesel.
Crude production rose to 7.16 million barrels a day in the first week of March, the highest level since July 1992, according to DOE.
U.S. crude output has jumped 23% in the past year while oil prices have dropped 5.8%. Oil closed at just over $97 a barrel on Monday, near a six-week high, Bloomberg reported.
