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Oil Sinks as US Inventories Swell to 80-Year Record

January 22, 2015 at 18:11 by Vladimir Vyun

Futures for crude oil sank today after the Energy Information Administration reported about a huge buildup of US inventories. The increase was four times the forecast value. The agency said:

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 10.1 million barrels from the previous week. At 397.9 million barrels, U.S. crude oil inventories are at the highest level for this time of year in at least the last 80 years.

Oil prices also dropped after the European Central Bank unveiled its asset purchase plan. The dollar rose after the announcement, driving down commodities priced in the US currency.

March futures for WTI crude oil dipped as much as 1.97 percent to $46.84 per barrel as of 18:05 GMT on NYMEX today. Brent crude ticked down 0.12 percent to $48.97 per barrel on ICE.

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