API reports 11.1 million barrel drop in US crude oil stocks
pre-market1 source ↓written by the desknot a recommendation
- modest decline
- 0.247 million barrels
The American Petroleum Institute reported a decline of 11.1 million barrels in US crude oil inventories, sharply contrasting with the forecast increase of 0.7 million barrels. This unexpected drawdown signals a shift in market dynamics, potentially impacting energy prices and trading strategies.
• Previous period saw a modest decline of 0.247 million barrels.
• Analysts had anticipated inventory builds, making this report particularly significant for traders in the energy sector.
Not investment advice. For informational purposes only.