OREANDA-NEWS. The most recent oil data from the US Energy Information Administration reveals commercial crude oil stocks jumped 8.9 million barrels to a record high 406.7 million barrels during the week ended January 23.

The previous all-time high was set a little less than a year ago, when stocks were at 399.4 million barrels in April 2014.

Unsurprisingly, strong production contributed to the jump, but the start of seasonal maintenance held back refinery demand.