Oil storage levels fall even as producers increase efforts

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By Adam Wilmoth Energy Editor awilmoth@oklahoman.comGlobal oil producers and traders continue closely reading production and storage levels, hoping to glean as much insight as possible about how prices will trend. It has been another week of contradictions as storage levels have fallen, global production has dropped, and U.S. producers have increased their efforts. Domestic benchmark West Texas Intermediate crude prices fell 2 percent Wednesday and slipped another 17 cents Thursday to close at $50.27 a barrel, down from $53.18 one week ago. At more than $50 a barrel, oil still is at a level where companies can make money in Oklahoma's oil fields, particularly its fast-growing STACK and SCOOP plays.Read more on NewsOK.com
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