World oil stockpiles are rising by 1.6m barrels a day—and drowning hopes of a price rally. America’s Energy Information Administration will give the latest picture of crude supplies tomorrow, but already the main American benchmark, West Texas Intermediate, has fallen to a new six-year low of $44.30 per barrel. Brent (the main international price) is stronger, at $53. Demand is soggy (notably from China’s slowing economy) and supply strong. Libya has confounded expectations by doubling its production in the past few weeks. Price falls haven’t hurt production in America: though the number of idle drilling rigs is still rising, only the least profitable wells are shutting down. Output is still buoyant, confounding gloomsters—and oilmen say that they can pump even more oil, and quickly, if the price rises. OPEC says America’s oil boom will be over by the year-end. Wishful thinking.