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U.S. 4-week oil product supplied rises to record high

by Mike Robinson

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© Reuters.

(Reuters) – The U.S. supply of oil products rose to a record at 21.9 Million barrels per daily (bpd) over the last four weeks, according to Wednesday’s petroleum status report by the U.S. Energy Information Administration (EIA).

According to the EIA, crude inventories dropped by 4.8 Million barrels during week February 4th to 410.4million barrels. This is their lowest level of commercial inventories since October 2018. The Strategic Petroleum Reserve (SPR), which holds crude oil, saw its lowest level since October 2002.

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