US Crude Inventories Surge by 4.4M Barrels, Exceeding Expectations

The U.S. Energy Information Administration (EIA) reported a significant increase of 4.4 million barrels in crude oil inventories for the week ending August 14. This rise brings commercial stockpiles to 428.8 million barrels, now at the five-year average, contrasting with earlier API figures that suggested a decline. The unexpected build indicates potential softening in demand or ample supply, which could exert downward pressure on global crude oil prices. For Pakistan, a sustained fall in international crude prices could ease import costs, potentially supporting the Rupee and reducing inflationary pressures.

بحوالہ / Source: oilprice.com