Unexpected build in privately tracked crude inventories contrasts with forecasts for a draw, pressuring oil prices before official figures.
A private survey of US crude oil inventories showed an unexpected build, defying expectations for a draw. The data, released ahead of official government figures, contributed to downward pressure on oil markets.
Analysts had anticipated a decline in crude stocks, aligning with recent trends. The prior week’s official report indicated a modest draw, while consensus estimates for this period hovered near a 1.5 million barrel reduction.
Crude oil futures fell to $82.36 following the report, extending losses after earlier speculation about a potential US-Iran ceasefire and Hormuz Strait reopening.