Crude Oil Inventories See Unexpected Increase
Crude oil inventories increased by 7.36 million barrels, surpassing analyst forecasts of a 120,000-barrel build.
This unexpected increase has spooked traders, contributing to a bearish market outlook, alongside record US production and IEA warnings of a global supply overhang.
The American Petroleum Institute (API) estimated the large increase in the week ending October 10.
Author's summary: Crude oil inventories rise unexpectedly.
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