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How U.S. crude-oil inventories rose to their highest level ever

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U.S. crude-oil inventories have climbed to their highest weekly level on record at the Energy Information Administration, and not just because of rising domestic production.

A number of factors, including strong oil imports, higher exploration and production company spending, and a slowdown in demand have combined to lift total commercial crude stockpiles to 518.1 million barrels for the week ended Feb. 10, according to EIA data dating back to August 1982.

That figure tops the former record of 512.095 million barrels for the week ended April 29, 2016.

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Written by Myra P Saefong for MarketWatch.com

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