U.S. crude oil stockpiles at the storage hub in Cushing, Oklahoma are sitting at a two-year high as demand continues to soften.
Inventories at the Cushing facility, which is the delivery point for U.S. crude oil futures, have climbed for eight consecutive weeks after falling to start the year.
The increase in stockpiles comes as global demand for U.S. crude oil remains weak and flows from Canada add to supplies in America.
The price of crude oil continues to slump this year, with West Texas Intermediate (WTI) crude, the U.S. standard, currently trading at $68 U.S. a barrel.
Unexpected refinery outages in the American Midwest have added to the buildup of inventories, which rose to 42.1 million barrels as of June 9, the highest level since June 2021.
Higher crude oil flows from Canada have also added to the increase in U.S. supplies, with several northern pipelines showing elevated flows in May and June, according to industry data.
Brent crude oil, the international benchmark, is currently trading at $73.50 U.S. per barrel.