Crude oil supplies made a big gain over the past week, according to the latest Petroleum Update from the federal government.
Cushing recorded an increase of 2.4 million barrels as it went from 22.7 million barrels the week of March 21 to 25.1 million barrels in the past reporting period at the end of March 28. Cushing held 33.2 million barrels one year earlier.
The U.S. crude oil stocks, according to the U.S. Energy Information Administration grew by 6.2 million barrels for the same time frame. At the end of the most recent reporting period of March 28, the U.S. totaled 439.8 million barrels, up from the 433.6 million barrels the previous week.
The U.S. crude stocks totaled 451.4 million barrels at the end of March 29 last year.