Echoing the API data reported a session earlier, official figures released by the US Department of Energy on Wednesday showed that US onshore crude stockpiles reached a new record for the week ended February 24th. According to the Energy Information Administration, inventories rose by 1.501 million barrels, missing expectations of a 3.079 million barrel gain.
Besides marking the 8th straight week of growing stockpiles, the figures highlight that the glut in production remains intact despite the moves by OPEC to cut output, driving US inventories to 520.2 million barrels. Furthermore, the build in storage was accompanied by a further uptick in US production which rose to 9.032 million barrels per day last week, lagging behind the continued climb in the active drill rig count. After falling on Tuesday and Wednesday, Brent futures are extending losses on Thursday, trending towards $56.00 per barrel.