Traders Spooked by Massive Crude Inventory Build
Crude oil inventories unexpectedly increased by 7.36 million barrels, contributing to a bearish market outlook.
The American Petroleum Institute (API) estimated this large build for the week ending October 10, contrary to analysts' forecasts of a much smaller 120,000-barrel increase.
A global supply overhang and record US production also spooked traders.
Author's summary: Traders are spooked by crude inventory build.