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Another Big Reason to Think Oil Prices Aren’t Going Up Soon | Bloomberg Business

Oil just had its first weekly decline in a month, breaking a rally in crude prices. A bit of context: After what’s happened over the last year, “rally” seems a bit of an overstatement.

One big factor that may be driving prices down this week: The U.S. is pumping so much oil it’s running out of places to stash it.

Crude oil in storage in the U.S. has jumped to the highest levels in at least 80 years, according to a Bloomberg Intelligence analysis. The EIA this week reported that U.S. inventories rose 7.7 million barrels to 425.6 million. That’s more than 20 percent higher than the five-year average.

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Another Big Reason to Think Oil Prices Aren’t Going Up Soon.

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