API Reports Surprise Crude Inventory Build as Oil Prices Extend Declines

Crude oil benchmarks fell as private industry survey data showed a surprise build in United States crude stockpiles against market forecasts of a 1.0 million barrel draw for the week ended November 6. WTI crude slipped 0.55% to $86.37 per barrel and Brent fell 0.66% to $91.96 per barrel. Reports on API estimates conflicted, with one source reporting a 9.0 million barrel commercial crude build alongside distillate and gasoline increases, while another cited a 9.8 million barrel draw. Official Energy Information Administration data is delayed to Thursday at 12:00 PM ET due to Veterans Day.