This week's crude oil inventory report from the Department of Energy (DoE) showed that crude oil stockpiles rose for the seventh straight week. Inventories not only rose, but they were also higher than expected (3.7 million barrels vs. 2.0 million estimate) for the seventh consecutive week. Once again this week, crude oil inventories are at their highest levels of the year, and for this time of year are at record highs. Furthermore, over the last seven weeks, crude oil inventories have risen by 33.2 million barrels. Since 1984, the only other period where crude oil inventories rose by a greater amount was in April 2001 when they rose by 34.5 million barrels in a seven week period.
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