The nation’s glut of stockpiled oil hit another modern record Wednesday with crude inventories rising by another 5 million barrels.
Oil prices are continuing to fall as the world remains awash in oil with rising U.S. production offsetting much of the agreed-upon cutbacks from OPEC producers, primarily Saudi Arabia.
U.S. crude stockpiles had risen for several weeks in a row before getting a small reprieve last week. But, now, the inventory numbers are jumping yet again, according to the Energy Department.
The only saving grace is gasoline inventories dipped by 2.8 million barrels and distillate fuel oil, which is used to make diesel, declined by 1.9 million barrels. That shows the refined products derived from oil are at least being unloaded, partly through increasing exports.
The U.S. benchmark for oil fell by about $1 a barrel Wednesday morning, depressing prices to about $47.25 a barrel, down about $6 a barrel in just the past two weeks.