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Oil prices might continue to go down

LessThunk: Art Cashin says:

Oil inventories are at 80 year highs and global storage is filling up fast. Once available storage is at capacity the impact to oil prices is going to be dramatic. Crude inventories in the U.S. have risen over 30 million barrels in the last four weeks to 413 million barrels. That is an 8% rise in inventories in just four weeks and this can’t continue forever. According to the EIA the U.S. has 373 million barrels of storage capacity in various tank farms plus 70 million barrels at the Cushing Oklahoma futures delivery hub. Refineries have another 148 million barrels of capacity.

http://kingworldnews.com/danger-one-heavily-watched-indicators-world-just-hit-80-year-high/


Categorised as: Investing

Posted by: Kramer



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