API data shows a surprise build in crude inventories, exceeding expectations for a modest draw by 8.572 million barrels.
US crude oil inventories rose by 9.072 million barrels for the week ending August 7, sharply contrasting analyst forecasts of a 500,000-barrel decline. The increase was driven by higher imports relative to exports during the period.
The prior week saw a 2.69 million-barrel build, while commercial crude stocks excluding the Strategic Petroleum Reserve have declined by 49 million barrels over the last seventeen weeks. The unexpected inventory rise adds pressure to oil prices amid shifting trade flows.
Markets are assessing the data as a potential bearish signal for crude demand and pricing dynamics.