March 2 (UPI) -- Steady gains in U.S. crude oil inventories, coupled with an increase in exports from a key OPEC member, sent oil prices into deep red territory early Thursday.
The U.S. Energy Information Administration reported commercial crude oil stocks increased 1.5 million barrels for the week ending Feb. 24 to reach a record high. Stocks have been building for most of the year, though recent movements may be skewed by refiners planning to shift to a summer blend of consumer fuels.