Crude Oil Inventories Unexpectedly Rise
Crude oil inventories increased by 7.36 million barrels, spooking traders and contributing to a bearish market outlook.
This increase, alongside record US production and IEA warnings of a global supply overhang, has affected the market.
- 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.
The world's largest oil and gas industry is facing challenges.
Author's summary: Crude oil inventories rose unexpectedly, affecting market outlook.