Crude Oil Inventories Unexpectedly Increase
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 led to a gloomy market outlook.
- 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.
Underinvestment Could Lead to Oil Supply Crunch
Author's summary: Crude oil inventories rise by 7.36 million barrels.
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