by Nick Cunningham
Oil prices sank on Thursday following fresh data showing oil and product stocks rising to an all-time high.
The EIA released its weekly data on July 20, revealing a slight drawdown in crude oil inventories. Crude oil stocks were down 2.3 million barrels, posting the ninth straight week of declines and adding momentum to a slow but steady oil market balancing. Still, oil inventories stood at 519.5 million barrels as of mid-July, about 60 million barrels higher than year-ago levels.
Combined, all U.S. crude oil and refined product stocks jumped to 2.08 billion barrels, an all-time high. This comes at a time of year when peak demand is supposed to draw down on inventories.