Commodities
US Crude Stockpiles Surprise with Massive Build, Weighing on WTI Prices
The US crude oil stockpiles saw an unexpected build of 9.072 million barrels for the week ending August 7, according to API data.
This massive surplus is a significant departure from market expectations, which forecasted a 0.5 million barrel draw.
The inventory build has raised concerns about weakening demand and potential downward pressure on West Texas Intermediate (WTI) prices.
Historically, large inventory builds in August have triggered sharp price declines, with WTI falling by 3-5% within two weeks of the release.