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Oil selloff talk picks up as supply balloon grows

Oil prices dip on strong dollar
Crude shrugs off EIA report
GS COO: When US runs out of crude storage

A government report showing an increase in already-record crude supplies fanned speculation the market is setting up for a selloff that could take oil prices to a new cycle low.

West Texas Intermediate futures fell below $48 per barrel after the morning report, but bounced back to close just slightly lower at $48.17, down 12 cents. Futures for Brent, the international benchmark, traded higher, just below $58 a barrel. 

Crude oil supplies rose 4.5 million barrels in the last week to 448.8 million—a ninth week of gains and an 80-year high, according to the Energy Information Administration. Oil stored at Cushing, Oklahoma, the physical delivery point for WTI futures, rose by 2.3 million barrels to 51.5 million. 

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