API crude oil inventory unexpectedly soared by more than 8 million barrels of WTI crude oil under pressure down.

SMM: early this morning, the American Petroleum Institute (API) released data show that the American Petroleum Institute (API) released data show that last week, the United States crude oil stocks unexpectedly increased, gasoline stocks fell more than expected, refined oil depots increased more than expected.

API reported that US crude oil stocks rose 8.42 million barrels to 539.4 million barrels last week, while Cushing crude stocks fell 2.285 million barrels.

API data also showed that US crude oil imports rose by 1.6 million b / d last week.

The move comes after the (OPEC) of the Organization of Petroleum Exporting countries, Russia and the OPEC+ of other oil-producing countries agreed to extend a record 9.7 million barrels a day cut until the end of July, prompting oil prices to hit their highest level since the price war. Zero hedging said Tuesday's rise in oil prices was affected by multiple factors, such as the suspension of more drilling rigs caused by Tropical Storm Cristobal, problems with Nigerian crude oil supplies, the lifting of the blockade in New Jersey and the (EIA) Energy Outlook report of the US Energy Information Administration. Crude oil demand is expected to rebound in the third quarter. Crude oil inventory will once again become the focus of market attention.

Industry insiders say the fall in oil prices is profit-taking after an excessive rally, and the shift in sentiment is reasonable due to the lack of new fundamental data. The US Energy Information Administration (EIA) (EIA) data will be released later on Wednesday (10th) and will further process changes in crude oil demand.

Scan the QR code and join the SMM metal communication group.