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Commodities

WTI Futures Price Drops 2.19% Amid Surprise Inventory Build

Guavy AI Editorial Team
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Oil
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The price of WTI Futures (USOIL-F) dropped by 2.19% on October 2, primarily due to an unexpected increase in U.S. commercial crude inventories and profit-taking after a strong multi-week rally.

The Energy Information Administration's official weekly inventory data revealed a surprise build in domestic crude stocks, defying market expectations for a draw.

This unexpected addition to commercial inventories eased immediate tight-supply concerns and prompted institutional investors to trim long positions near key technical resistance levels.

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