US oil inventories surge

US oil inventories surge. Crude oil in storage in the US jumped 2 per cent, to 434 million barrels, according to EIA weekly data. The increase of 8.43 million barrels was more than double the median estimate in a Bloomberg survey of analysts and was the biggest increase in a month. US oil storage is bursting at the seams amid a global glut of supply that has driven prices down by half since last summer. US inventories remain at their highest levels in at least 80 years... Winter weather and refinery outages have contributed to the glut of US crude. Even when those conditions subside, high levels of production and vast quantities in storage may continue to suppress oil prices for the near- and medium-term, according to an analysis by Bloomberg Industries.