Data from the U.S. Energy Information Administration, released today Wednesday, indicated an increase in crude oil inventories for the week ending April 18, with the figures coming in better than expected for the first time in three weeks.
According to the data released today, U.S. inventories rose by only 0.2 million barrels during the last week, while expectations had indicated an increase of 1.6 million barrels. This unexpected rise followed an increase of 0.5 million barrels the previous week.
During today's trading, West Texas Intermediate crude contracts fell by 1.79%, bringing the price per barrel to $62.37, while investors await the implications of the data on supply and demand balance in the oil market in the coming period.
U.S. oil inventory data holds significant importance in global markets, as it plays a crucial role in determining trends in crude oil prices. Moreover, fluctuations in oil prices directly affect inflation rates, which in turn impact industrial sectors that primarily rely on oil as an energy source.
