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"In a webcast for investors, DoubleLine Capital's Jeffrey Gundlach shared his "chart of the day," showing the trajectory of US crude oil inventories in each year since 2005.As you can see very clearly in the black line, 2015 has been a year of very high excess oil supply.On Wednesday, the Energy Information Administration is expected to reveal that crude inventories rose for an eighth straight week.And with this dynamic in play, Gundlach asked how oil prices can go higher.*West Texas Intermediate crude oil is currently*trading at around $41 a barrel, just above*a level Gundlach has previously warned could come with "terrifying" geopolitical consequences."
"In a webcast for investors, DoubleLine Capital's Jeffrey Gundlach shared his "chart of the day," showing the trajectory of US crude oil inventories in each year since 2005.As you can see very clearly in the black line, 2015 has been a year of very high excess oil supply.On Wednesday, the Energy Information Administration is expected to reveal that crude inventories rose for an eighth straight week.And with this dynamic in play, Gundlach asked how oil prices can go higher.*West Texas Intermediate crude oil is currently*trading at around $41 a barrel, just above*a level Gundlach has previously warned could come with "terrifying" geopolitical consequences."
[text] GUNDLACH: Oil Price Can't Go Higher With Rising Crude Inventories - Business Insider
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