Crude Oil Inventories Rise, Traders Become Bearish
Crude oil inventories unexpectedly increased by 7.36 million barrels, contributing to a bearish market outlook.
The American Petroleum Institute (API) estimated this large increase for the week ending October 10, surpassing analysts' forecast of a 120,000-barrel build.
Record US production and IEA warnings of a global supply overhang also spooked traders.
Oil and gas will remain...
Author's summary: Oil inventories rise unexpectedly.