Crude Oil Inventories See Unexpected Increase
Crude oil inventories unexpectedly increased by 7.36 million barrels, contributing to a bearish market outlook.
This increase, alongside record US production and IEA warnings of a global supply overhang, has spooked traders.
- The American Petroleum Institute (API) estimated the increase in crude oil inventories in the US.
- Analysts had forecast a much smaller 120,000-barrel build for the week.
No oil supply crunch is expected in the near term.
Author summary: Oil inventories increased by 7.36 million barrels.