World continues to drown in excess supply despite recent spike in oil prices

Don’t be fooled by the recent spike in oil prices. The world continues to drown in excess supply.

U.S. oil stockpiles skyrocketed by 9.4 million barrels last week to 532.5 million barrels, according to figures released on Wednesday by the U.S. Energy Information Administration. That’s roughly triple what analysts had been bracing for and adds to “historically high” ..........read more