U.S. oil inventories rise and surpass market expectations.

Data released by the U.S. Energy Information Administration on Wednesday revealed negative U.S. oil inventory data for the week ending November 8, with figures coming in higher than market expectations.

Oil inventories increased by 2.1 million barrels during the past week, surpassing expectations that indicated an increase of only about 1.85 million barrels. This rise in U.S. oil inventories follows a decrease of approximately 2.1 million barrels in crude oil inventories during the previous week.

In trading on Wednesday, West Texas Intermediate crude futures prices rose by 1.01% to record $68.69 per barrel, and these data are expected to impact crude trading for the rest of the session.

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

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