Crude Oil is trading 3.12% down now at $80.67 after the EIA reported a surprise 17.4 million-barrel increase in U.S. commercial crude inventories to 424.4 million barrels, versus expectations for a draw.
- Reuters described it as the largest weekly gain since January 2023, driven partly by weaker exports.
- Selling intensified as the IEA projected 2026 global oil demand would decline by 1.6 million barrels per day, while OPEC also reduced its growth forecast.