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, alongside record US production and IEA warnings of a global supply overhang, has spooked traders.
- The American Petroleum Institute (API) estimated the large inventory build for the week ending October 10.
- Analysts had expected a much smaller increase.
No quote available in the text.
Author's summary: Crude oil inventories unexpectedly increased by 7.36 million barrels.
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