According to the U.S. Department of Energy, crude oil supplies soared 4.8 million barrels last week which exceeded analysts expectations of only 900,000 barrels. Crude prices temporarily increased due to the announcement that the Hovensa refinery in the Virgin Islands will be closed. The announcement drove up prices of heating oil and gasoline and also caused a product driven increase in the price of crude oil. Supplies of crude oil remain at high levels and could significantly increase over the next several weeks.
To read a related Wall Street Journal article, please click here: