Crude Oil Inventories See Unexpected Increase
Crude oil inventories unexpectedly 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 led to a pessimistic market outlook.
- The American Petroleum Institute (API) estimated the increase at 7.36 million barrels for the week ending October 10.
- Analysts had forecast a much smaller 120,000-barrel build for the week.
No quote available in the text.
Author summary: Crude oil inventories rise unexpectedly.
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