NEW YORK, March 29 (UPI) -- Concerns about U.S. monetary policy moves and ongoing supply-side strains sent crude oil prices plummeting in early trading Tuesday.
Industry data show U.S. stockpiles of crude oil remain at 80-year highs despite signs of a slowdown in domestic crude oil production. A recent drilling survey from the U.S. Energy Information Administration shows most inland shale oil reserve areas should post production declines in April as companies pull back in response to lower crude oil prices.