Stockpiles of Western Canadian crude reached a new high last week, according to a report from a leading energy market data provider, in a further sign of the North American oil glut rising as energy prices fall. The rapid rise in inventory, which may worsen the price discount between Western Canadian and other crudes, comes as global demand for oil hasn’t kept up with the pace of production increases. Oil prices have slumped to six-year lows in recent trading, prompting North American producers to park more crude in storage tanks as they wait out the slump in the hopes of a rebound in demand and prices. Storage levels in Western Canada, which includes several tank farms in the oil-rich province of Alberta, rose 10% on the week to a record of 27 million barrels as of August 21, according to data from Genscape of Louisville, Ky. That topped the […]