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Oil Sell-off Intensifies, Seeing the Commodity Trade Below a Key Level

November 8, 2023

Via: DailyFX

The American Petroleum Institute (API) reported a sizable rise in US crude stocks for the week ending 3 November. The inventory build has weighed on oil prices which have already suffered amid the prospect of a continued growth slowdown in the world’s major economies.

The data comes in a week where the Energy Information Agency (EIA) we’ll delay the release of its storage data as it undergoes systems maintenance. rising inventory levels combined with weaker anticipated oil demand weighs on oil.

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