Last week’s U.S. API crude oil inventory change (thousand barrels) (as of 0807) was released: 907.2

U.S. API crude inventories surged by 9.072 million barrels last week, far exceeding expectations, signaling weak demand and potentially fueling market risk aversion.

Last week, the U.S. API crude oil inventory change was reported at 9.072 million barrels, far exceeding the expected -500,000 barrels and the previous value of 2.69 million barrels. The significant buildup in inventories indicates weak demand, dampening expectations of monetary easing, and may lead to increased risk-aversion in the market.