Oil price surges despite US crude stocks rise

The looming possibility of further oil disruptions in the US and Latin America on Wednesday saw oil prices break new ground as it moved above $67 a barrel despite growing inventories of crude reserves in the US.

US strategic reserves, held by the government in salt caverns on the coast of Louisiana, last week reached the White House goal of 700m barrels.

Paul Sankey, analyst at Deutsche Bank, said in a recent report: “The Strategic Petroleum Reserve (SPR) is now full, and the 130,000 barrels a day taken off the market to put into government storage will now be available to the market.”

Financial Times