U.S. API Crude Oil Inventories Post Surprise Build of 2.6 Million Barrels
The American Petroleum Institute reported a 2.6 million barrel increase in crude oil inventories for the latest week, defying expectations of a 1.5 million barrel draw. The build is bearish for oil prices.
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The American Petroleum Institute (API) reported a 2.6 million barrel build in U.S. crude oil inventories for the week ended [date not specified in source], a stark contrast to the 1.5 million barrel draw expected by analysts. The previous week saw a draw of 564,000 barrels.
This surprise build is considered bearish for oil prices, as it suggests higher-than-anticipated supply levels. Traders will now focus on the official EIA inventory report due later today for confirmation.
Source: First Squawk