API data shows a 2.6M-barrel increase in crude stockpiles, ending a 13-week drawdown streak and defying expectations.
U.S. crude oil inventories rose by 2.6 million barrels last week, reversing a 13-week trend of declines. The build surprised markets, which had anticipated continued draws following a 564,000-barrel reduction in the prior week.
The increase marks the first rise in stockpiles since April, contrasting with recent declines driven by summer demand and refinery runs. Analysts had expected another draw, citing seasonal consumption patterns and export levels.
Oil prices may face downward pressure as the data suggests weaker-than-expected demand or higher production levels.