I do not know how happily U.S announced that it has good oil inventories; but it has turned woeful for the oil prices, which declined with this announcement.
The Energy Department’s officials released a note, which said that oil inventories in US rose by 14.3 percent to 332.7 million barrels since the previous year. Officials said that the inventories rose by 14 million barrels in just the past three weeks. I do not have news about oil consumption in US. The present position of the crude oil prices is in highly volatile condition.
The fall in the consumption must have halted the oil stocks and more production on daily basis must have added up to the already stored inventories.
In order to control this, there must be a limitation over production of oil from our production centers.
And in response to the decreased oil prices, we love our commodities getting cheaper. So do not bother about it.
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