Oil Prices Climb As Cushing Oil Stocks Near Historic Lows

The amount of crude oil in the Cushing, Oklahoma, hub has fallen to 22 million barrels, which is dangerously close to the minimum operating level, prompting worry about quality and the possibility of the stocks falling below the minimum level. Oil inventories at Cushing have fallen from a two-year high of 43 million barrels in June to less than 22 million barrels, according to the American Petroleum Institute, as of last week. The substantial decline was the result of higher demand from refiners, Reuters reported, and equally higher export demand.…