As the largest economy in the world, the United States plays a pivotal role that captivates billions of investors. Every action it takes, whether buying or selling, is seen as a significant signal. On this week's March 27th, the American Petroleum Institute (API) revealed shocking news: the U.S. crude oil inventories unexpectedly surged by 9.3 million barrels last week, far exceeding the expected 1.2 million barrels.
Although 9.3 million barrels may not seem a lot compared to the U.S. crude oil production, which currently stands at 13.3 million barrels per day, the substantial and unplanned inventory increase cannot be ignored. Many analysts and institutions have interpreted it as a tight response to the global oil market.
Recently, the global oil supply has encountered numerous challenges, with the OPEC-led group of oil-producing countries cutting production, and attacks on Russia's oil pipelines also threatening the oil market. A series of factors have intensified investors' anxiety and skepticism about the oil market.
Affected by the sudden revelation of the surge in U.S. crude oil reserves, Brent crude futures fell by 1.08%, and WTI crude futures dropped by 0.9%. Moreover, this decline occurred just two days before the Good Friday holiday, undoubtedly exacerbating fluctuations and turbulence.
