Crude Prices Pressured; Data Shows U.S. Stockpiles at All-Time Highs as Record Production Continues (OIL) (USO)

Crude oil prices remained lower Thursday following the latest data from the U.S. Energy Information Administration (EIA).

The EIA said U.S. stockpiles rose 7.7 million barrels for the week ending February 13th, versus expectations of a 3.7 million barrel glut. WTI crude for April delivery slipped about $3 to $49.82 per barrel on the Comex following the report.

U.S. crude inventories are also at a weekly high according to the report, which dates back to August 1982.

U.S. production was at 9.3 million barrels per day last week, also a record high. Typically, demand for crude slips in February and March as refiners close down facilities for seasonal maintenance, but analysts sees supplies continuing to build in the coming weeks.

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