Reuters | Oil dips on record US inventories, but OPEC cuts lend some support Reuters U.S. crude oil and gasoline inventories soared to record highs last week as refineries cut output and gasoline demand softened, the Energy Information Administration said on Wednesday. Crude inventories rose 9.5 million barrels in the week ended Feb. Are Oil Markets Ignoring Demand? US crude settles at $53.11, down 9 cents, after US stockpiles soar to record How US crude-oil inventories rose to their highest level ever |