Hope for production cuts were dashed early on as producers agreed to no change from the record high levels of production January – which Barclays says means 1mm bpd excess supply at current levels. However, following a Genscape report suggesting a major 705k build in Cushing crude inventories, WTI just broke down to a $28 handle (down over 8.5% from overnight highs)…
via Zero Hedge http://ift.tt/1VjWKKX Tyler Durden