Crude Oil Inventories Unexpectedly Increase
Crude oil inventories rose by 7.36 million barrels, exceeding analyst forecasts of a 120,000-barrel build, and contributing to a bearish market outlook.
This increase, reported by the American Petroleum Institute (API), has spooked traders, especially alongside record US production and IEA warnings of a global supply overhang.
- US crude oil inventories increased by 7.36 million barrels in the week ending October 10.
- Analysts had forecast a much smaller 120,000-barrel build for the week.
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Author summary: Crude oil inventories unexpectedly rose, spooking traders.
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