Crude Oil Inventories Unexpectedly Increase
Crude oil inventories rose by 7.36 million barrels, exceeding analysts' forecasts of a 120,000-barrel build.
This increase, alongside record US production and IEA warnings of a global supply overhang, has contributed to a bearish market outlook, spooking traders.
- API estimated a 7.36 million-barrel increase in US crude oil inventories for the week ending October 10.
- Analysts had forecast a much smaller 120,000-barrel build for the week.
No direct quotes available in the text.
Author: Julianne Geiger, a veteran editor, writer, and researcher for Oilprice.com.
Summary: Crude oil inventories unexpectedly increased by 7.36 million barrels.
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