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 120,000-barrel increase.
Underinvestment could lead to an oil supply crunch, according to Saudi Aramco.
Record US production and IEA warnings of a global supply overhang also fueled the bearish outlook.
Author's summary: Crude oil inventories rose by 7.36 million barrels.