The price of oil fell sharply amid news that U.S. crude oil stockpiles
were four times higher than anyone on Wall Street had anticipated.
CNN reported that
prices fell to $57.65 per barrel on Wednesday, Feb.15, before bouncing back
above $58 per barrel in midday trading on Thursday, Feb. 16.
Prior to the release of the report from the Energy Information Administration,
prices had been dangerously close to the $60 per barrel mark.
The report showed a supply increase of 4.9 million barrels for the week
ended Feb. 10. Original estimates had been for a gain of 1.2 million barrels.
Analysts said that the report caused a shift away from focus on
international politics – mostly the situation in Iran – and brought it around
to focusing on U.S. supplies, according to Forbes.
However, Forbes said
prices aren’t expected to stay too low for too long, as the situation in Iran isn’t going away any time soon.