Crude Oil Inventories Unexpectedly Rise
Crude oil inventories increased by 7.36 million barrels, exceeding analyst forecasts of a 120,000-barrel build.
This unexpected build has spooked traders, contributing to a bearish market outlook amidst record US production and IEA warnings of a global supply overhang.
- US crude oil inventories rose by 7.36 million barrels in the week ending October 10.
- Analysts had forecast a much smaller increase of 120,000 barrels.
According to the American Petroleum Institute (API), this large build has led to oil market concerns.
No comment from the API was provided.
Author's summary: Crude inventories rise unexpectedly.
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