Crude Oil Inventories Rise, Spooking Traders
Crude oil inventories unexpectedly increased by 7.36 million barrels, contributing to a bearish market outlook.
The American Petroleum Institute (API) estimated this large build, contrary to analyst forecasts of a 120,000-barrel increase.
- Record US production
- IEA warnings of a global supply overhang
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Author's summary: Oil inventories rise unexpectedly.