Oil Futures Decline Following API Inventory Report

In a surprising turn of events, oil futures prices experienced a downturn on Thursday. This shift came after the American Petroleum Institute (API) revealed a significant increase in crude oil stockpiles. Contrary to market expectations of a 2.4 million-barrel decrease, inventories rose by 4.29 million barrels, marking the largest buildup in six weeks.

Market Reactions and Presidential Focus

As the news spread, West Texas Intermediate (WTI) for June settlements saw a 1.29% drop to $62.86 per barrel, while Brent for July deliveries fell by 1.31% to $65.79 per barrel by 6:07 am ET. Meanwhile, investors are turning their attention to US President Donald Trump's upcoming Middle East trip, where discussions on oil price stability are anticipated to be a key agenda item.