Last week’s API crude oil inventory change in the U.S. (thousand barrels) as of 0807 fell short of expectations: 907.2 vs -50

U.S. API crude inventories surged by 9.072 million barrels, far exceeding the -500k expectation, signaling weak demand that may dampen rate cut hopes.

Last week, the U.S. API crude oil inventory change was 9.072 million barrels, far exceeding the expected -500,000 barrels and the previous reading of 2.69 million barrels. The significant increase in inventories indicates weak demand or an oversupply, which could dampen expectations for a rate cut and tighten liquidity.