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 for the week ending October 10, contrary to analyst forecasts of a much smaller 120,000-barrel build.
This increase, alongside record US production and IEA warnings of a global supply overhang, has spooked traders.
No quote available in this text.
Author's summary: Crude oil inventories rose by 7.36 million barrels.
- Record US production
- IEA warnings of a global supply overhang
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