U.S. crude stockpiles rose 2.6M barrels last week, API says
Seeking Alpha ·
The American Petroleum Institute reportedly shows a surprise build of 2.6M barrels of oil in U.S. commercial stockpiles for the week ending July 17, breaking a streak of 13 consecutive weekly declines, including a 564K-barrel draw in the previous week.
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According to the American Petroleum Institute (API), U.S. commercial crude inventories increased by 2.6 million barrels last week, shocking the market. This marks the definitive end of the 13-week consecutive decline in inventories. This unexpected inventory build is fueling short-term concerns over crude oversupply. Investors should monitor the market closely in preparation for a potential slowdown in future energy demand.
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- Crude Oil — U.S. crude inventories increased by 2.6 million barrels, halting the 13-week consecutive decline and amplifying downward pressure on oil prices due to short-term oversupply concerns.
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