US Stockpiles Surged to 491 Million Barrels.The Big Oil Crash! Oil Prices Hit 7 Year Low

The Big Oil Crash! Oil Prices Hit 7 Year Low, US Stockpiles Surged to 491 Million Barrels.

“U.S. crude stockpiles surged to 491 million barrels, the most for this time of year since 1930," ANZ bank said.

The U.S. glut adds to global oversupply as the main producers, including Russia and the Organization of the Petroleum Exporting Countries (OPEC), pump hundreds of thousands of crude every day in excess of demand.

Brent futures fell as low as $36.32 per barrel in overnight trading around 0000 GMT, the weakest since 2008, before edging back to $36.49 per barrel by 0203 GMT.
U.S. West Texas Intermediate (WTI) futures were down 20 cents at $34.53 per barrel and close to last Friday's 2015 lows.

oil drilling equipment at a depot in Dickinson, North Dakota. Reuters/Andrew Cullen

Courtesy: http://www.reuters.com/

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