Oil price nearing a six-year low as US crude stocks swell

Crude prices have been dented as stocks remain high in North America

Oil prices have pulled back following early February gains and an unprecedented glut of crude stocks in the US signals further weakness for crude prices, already near a six-year low. Stockpiles at Cushing, Oklahoma, the delivery point for West Texas Intermediate (WTI) crude, hit a record 54.4 million barrels by mid-March. Nationwide stockpiles are the highest since 1931 at 468m barrels as the shale boom pushed US output to its highest level in three decades at 9.42m barrels per day (b/d). WTI was trading at just under $44 a barrel (/b) – its weakest level since early 2009 - as Petroleum Economist went to press, while Brent traded around $55/b,  up roughly 20% from a six-year low in January.