Traders Spooked by Massive Crude Inventory Build
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 build.
This increase, alongside record US production and IEA warnings of a global supply overhang, is spooking traders.
No supply crunch is expected at this time.
Author summary: Traders are concerned due to crude inventory build.
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