U.S. oil inventories are negative and exceed expectations

Data released by the U.S. Energy Information Administration today, Wednesday, indicates an increase in U.S. oil inventories for the week ending November 1, with figures exceeding market expectations.

According to the report, U.S. oil inventories fell by 2.1 million barrels during the past week, while forecasts had predicted an increase of about 1.8 million barrels. This rise follows a recorded decrease of approximately 0.5 million barrels in U.S. crude oil inventories during the previous week.

In trading on Wednesday, the prices of West Texas Intermediate crude oil futures reduced their gains to around 0.6%, reaching $72.29 per barrel. These data are expected to have an impact on crude oil trading for the remainder of the session.

Markets are paying close attention to U.S. oil inventory data, given its direct impact on crude oil prices. Additionally, changes in petroleum product prices have noticeable effects on inflation rates, as well as their impact on industries that heavily rely on crude oil.