Higher oil production in US put pressure on price

Crude oil stocks  at Cushing grew by 2.2 million barrels. The increased rate of crude oil processing balance the increased imports. This prevented an even more pronounced inventory build. 

In the months before, oil production in the Gulf of Mexico was highest, which did not allow the production to fall. The oversupply of oil is also causing stock levels to expannd outside the US.

According to OPEC, OECD stock levels currently deviate from the five-year average by 210 million barrels. That indicates the overhang is in fact bigger than even during the economic and financial crisis in early 2009. 

Furthermore, US crude oil production recorded growth for third consecutive week and reach just under 9.2 million barrels. This is highest level since the end of August, the shale of oil can not be blamed for this. However, but oil production in Alaska reached to its highest level this year. Therefore, it is conventional oil production which is currently preventing US crude oil production from falling.