Oil prices dip as U.S. crude stocks swell amid record production

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Oil prices eased on Thursday, dragged down by record U.S. crude output and risin...

FILE PHOTO: Drilling rigs are parked up in the Cromarty Firth near Invergordon, Scotland, Britain January 27, 2015. REUTERS/Russell Cheyne/File Photo

U.S. West Texas Intermediate crude oil futures were at $56.11 per barrel at 0033 GMT, down 11 cents, or 0.2 percent, from their last settlement.U.S. crude oil stockpiles rose much more than expected last week, with inventories up by 7.1 million barrels to 452.93 million barrels, according to a weekly report by the U.S. Energy Information Administration on Wednesday.

 

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So you are saying it's all because of oversupply and has no slightest connection to global recession stepping on our heels and other numerous factors of wrongful regulatory desicions made practically every decade to cause the crisis?

Then why has the price of gasoline shot up 30 cents a gallon in a week? That’s not supply and demand. It’s more like price-fixing fraud.

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