US Crude Oil Inventories Exceed Expectations

In a surprising turn of events, crude oil inventories in the United States reportedly increased by 1.232 million barrels in the week ending November 29, according to private data from the American Petroleum Institute (API) released on Tuesday. This figure surpasses market expectations and could have significant implications for the oil market.

The API data also indicated a rise in reserves at Cushing, Oklahoma, by 112,000 barrels. Meanwhile, gasoline reserves saw a substantial increase of 4.623 million barrels, and distillate stocks went up by 1.014 million barrels. These figures suggest a potential shift in the supply-demand dynamics of the oil market.