Oil Slides below $40

The Energy Information Administration (EIA) reported record stockpiles of oil on March 24, leading to the largest weekly decline in oil prices in 2 months. EIA said that oil stockpiles increased by 9.4 million barrels the week ending March 18, more than three times the forecast built. Brent prices fell to $39.62 and U.S. crude oil futures fell to $38.95. Trading was expected to be light on Marcy 25 and March 28 due to Easter holiday closings in the U.S. and Great Britain.