US crude stockpiles rise to record highs for seventh consecutive week

31-Mar-16

US crude has dipped to the lowest level in over two weeks, as U.S. crude inventories rose to a record high, renewing worries of global oversupply. U.S. crude stockpiles rose by 2.3 mln barrels to 534.8 mln barrels in the week to March 25. Stockpiles rose despite seasonal refinery utilisation hitting an 11 year high, while a rise in the dollar index put further pressure on oil prices. Brent crude futures dipped to US$38.8 while the front-month contract for U.S. crude futures dropped to US$37.7 a barrel.