The American Petroleum Institute (API) estimated that crude oil inventories in the United States increased by a large 7.36 million barrels in the week ending October 10. Analysts had forecast a much smaller 120,000-barrel build for the week. Today’s build comes after the IEA predicted a smaller global oil demand growth estimate for this year, along with a higher supply growth, which would, according to the agency, result in a rather large supply overhang globally. But crude oil inventories in the United States are not showing signs…
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