API Data Shows Unexpected Crude Oil Inventory Build

The American Petroleum Institute (API) reported that U.S. crude oil inventories increased by 3.296 million barrels for the week ending July 24, contrary to market expectations of a 1.5 million barrel draw.

This marks the first weekly inventory build after several weeks of draws, suggesting that supply may be outpacing demand more than previously anticipated.

The unexpected build could weigh on crude oil prices, which have been sensitive to inventory data amid ongoing concerns about global demand growth.