Oil inventories swell by most on record

Weekly crude oil stocks rose by 19.2 million barrels

Saudi Energy Minister Prince Abdulaziz bin Salman, in an exclusive wide-ranging interview, discusses oil production cuts and global demand amid the coronavirus.
Oil inventories grew at a historic pace last week, according to weekly inventory data.
Weekly crude oil stocks rose by a record 19.2 million barrels in the week ended April 10, according to the Energy Information Administration. The build was far greater than the 11.7 million-barrel increase that economists surveyed by Refinitiv were anticipating.
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West Texas Intermediate crude oil for June delivery plunged 5 percent to $26.03 following the release. The U.S. benchmark was trading at $26.50 ahead of the report.
“At 503.6 million barrels, U.S. crude oil inventories are about 6% above the five-year average for this time of year,” the EIA said in its report.
This story is developing. Check back for updates.