Crude Inventories Soar to 86-Year High – What Does It Mean?

Crude oil inventories rose 2.15 million to reach 504.1 million barrels last week, according to the Energy Information Administration (EIA), reaching an 86-year high. While key members of OPEC reached an agreement to freeze production, near-record output and the lack of demand growth is likely to keep downward pressure on the troubled commodity. Crude oil prices briefly rallied from their all-time lows, but remain below $35 per barrel.