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The price of crude oil hasn’t reached a bottom yet as production keeps increasing, former Federal Reserve Chairman Alan Greenspan said.

The slump in oil prices hasn’t curtailed output, and there is a huge amount bottled up in the U.S., Greenspan said in an interview with Bloomberg Television on Friday. Inventories at Cushing, Oklahoma, the delivery point for U.S. benchmark futures, will keep rising, he said.

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“We are probably at the point now, where at the current rate of fill, we are going to run out of room in Cushing by next month,” he said. “Until we find a way to get out of this dilemma, prices will continue to ease because there’s no place for that oil to go except into the markets.”

West Texas Intermediate futures dropped 1.9% to US$46.17 a barrel as of 9:31 a.m. Friday on the New York Mercantile Exchange. Prices are down almost 60% from their June peak.

U.S. crude stockpiles increased for nine weeks through March 6 to 448.9 million barrels, the highest in Energy Information Administration records dating back to August 1982. The nation pumped 9.37 million a day last week, the fastest pace in weekly estimates compiled by the Energy Department’s statistical arm since 1983.