Photo: Mark Mulligan, Houston Chronicle / Houston Chronicle
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U.S. stockpiles of crude oil rose by another 6 million barrels last week, triggering another dip in oil prices.
Commercial crude inventories have increased for three straight weeks, and now U.S. oil prices have fallen by nearly $5 a barrel in just a few days. Crude prices have dipped from a four-year high of more than $76 per barrel down to more than $71.
And it’s not just the crude stocks that are on the rise. Total petroleum stocks jumped by 11.3 million barrels, including more than 2 million additional barrels in gasoline and jet fuel, according to the federal government.
The U.S. Energy Department projects U.S. oil production hit a new record high last week of 11.2 million barrels a day, and inventories rose even with crude exports exceeding 2.5 million barrels daily.