Oil prices sank on Thursday following fresh data showing oil and product stocks rising to an all-time high. The EIA released its weekly data on July 20, revealing a slight drawdown in crude oil inventories. Crude oil stocks were down 2.3 million barrels, posting the ninth straight week of declines and adding momentum to a slow but steady oil market balancing. Still, oil inventories stood at 519.5 million barrels as of mid-July, about 60 million barrels higher than year-ago levels. Combined, all U.S. crude oil and refined product stocks jumped to 2.08 billion barrels, an all-time high. This comes at a time of year when peak demand is supposed to draw down on inventories. Part of the increase came because gasoline stocks unexpectedly rose yet again, rising by 0.9 million barrels to 241 million barrels, the highest level since April. It was also the fourth weekly increase in five […]