US crude oil inventories rose by 2.603m barrels in the week to 17 July, according to the American Petroleum Institute. The build contrasted with market expectations for a 1.5m-barrel draw, reversing the anticipated direction of stock movement.
Surprise Inventory Build
The data point implies a 4.103m-barrel gap versus the forecast.
Market Implications
API’s weekly estimate is often used as an early indicator ahead of official government figures, and it can influence near-term pricing and positioning in the oil market.