US Oil Inventories Highest Since July 2007 – EIA

NEW YORK -(Dow Jones)- U.S. oil inventories are at their highest level since July 2007, and are closing in on a 16-year high.

Oil stocks grew by 4.7 million barrels to reach 350.8 million barrels nationwide in the week ended Feb. 6, according to the U.S. Energy Information Administration.


That’s the highest level since the week ended July 20, 2007. Oil inventories last rose above 355 million barrels in July 1993.

Stocks at Cushing, Okla., the largest commercial storage hub and the delivery point for the New York Mercantile Exchange crude futures contract, are also at a record for the sixth-straight week.

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