"Surprise Increase in U.S. Crude Inventories Sends Oil Prices Lower"
TL;DR Summary
The American Petroleum Institute (API) reported a larger-than-expected decrease of 5.215 million barrels in U.S. crude oil inventories, contrary to analysts' predictions of a 1.2 million barrel draw. Gasoline inventories saw a significant build of 4.896 million barrels, while distillate inventories rose by 6.873 million barrels. Oil prices were trading up ahead of the API data release, with Brent crude at $77.42 and WTI at $72.07.
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