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Oil Inventories Continue To Swell

Crude oil inventories for the latest week continued to swell, and for the fourth straight week came in well ahead of consensus forecasts. While traders were expecting crude oil stockpiles to increase by 3.25 million barrels, the actual build was nearly twice that at 6.333 million barrels. The chart below compares current inventory levels to average levels for the last 10 years as well as going back to…