Oil Skids As Supplies Swell

Oil prices resumed their deep downward march on Wednesday, with U.S. crude again nearing $80 a barrel after data showing a second big jump in weekly U.S. crude stockpiles broke a brief period of tentative consolidation. The Energy Information Administration said U.S. crude inventories rose by 7.11 million barrels, more than the 2.7 million-barrel increase analysts had expected. Some traders have suggested that prices may be bottoming out due to growing expectations that a price near $80 a barrel could slow growth in production from the booming U.S. shale oil patch or Canada's costly oil sands reserves. http://yhoo.it/1vPlFvr http://bit.ly/1fJ5yqZ