The US Energy Information Administration announced recently that crude oil stockpiles are at record levels after jumping in the past month by 8.2 million barrels, rather than the 1.7 million experts had forecast.
Prices immediately fell by over $5 a barrel below the $50 mark. Oversupply is the order of the day, which means lower prices.
This time last year the price of a barrel of oil was nearer the $25 mark. Watch this space as they say.
