Data from the U.S. Energy Information Administration, released today Wednesday, shows a significant increase in crude oil inventories for the week ending March 28, with the figures being worse than expected, which had a noticeable impact on oil price movements in global markets.
According to the data, U.S. inventories rose by 6.2 million barrels during the past week, while expectations pointed to a decrease of 2.0 million barrels. This unexpected rise followed a decrease of 3.3 million barrels in the previous week, reflecting notable changes in supply and demand dynamics that may significantly affect market trends in the coming period.
U.S. oil inventory data holds substantial importance in global markets, as it plays a pivotal role in determining the trends of crude oil prices. Additionally, fluctuations in oil prices directly influence inflation rates, which in turn impacts industrial sectors that primarily depend on oil as an energy source.
During today’s trading, West Texas Intermediate crude futures increased by 0.22%, reaching a price of $71.22 per barrel, while investors are awaiting the implications of the data on supply and demand balance in the oil market in the upcoming period.
