"Oil in Storage Rises More Than Expected Again"

"America's oil in storage just hit another record after rising for the 11th consecutive week.

Stockpiles rose 8.2 million barrels, or 1.8 percent, to 466.7 million barrels last week, the EIA reported today. Analysts had expected an increase of 4.75 million barrels. The amount of oil the U.S. is cranking out also edged up slightly, for the seventh consecutive week, to a rate of 9.42 million barrels a day.

The oil storage in tank farms may rise to about 73 percent, leaving plenty of excess room, according to an analysis distributed today by Morgan Stanley. The buildup of stocks will continue to weigh on investor sentiment, but there should be plenty of room left to prevent a 'disaster scenario,' according to the report."

Tom Randall reports for Bloomberg March 25, 2015.

SEE ALSO:

"Here's How $20 Oil Could Become a Reality If Storage Runs Out" (Bloomberg)

"In a World Awash With Crude Oil, Storage Companies Are Kings" (Bloomberg)