WTI oil prices fell, yesterday, as the realization of surging inventories weighs on the domestic US price marker. The API reported another large increase in overall crude oil inventories, but, unfortunately for US drivers, there was another large decline in gasoline inventories. The phenomenon of surging Gulf Coast crude oil inventories should begin to have an effect on oil prices, in general. Admittedly, we have been saying that for a while. But the elements that we keep referring, in terms of rising output, continue to evidence themselves.
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