Oil Futures Take a Hit Amid Inventory Buildup

In a surprising turn of events, oil futures experienced a significant drop this Wednesday. The decline followed the release of data from the American Petroleum Institute (API), which revealed an unexpected increase in U.S. crude oil inventories by 1.51 million barrels.

West Texas Intermediate (WTI) for September deliveries wasn't spared, falling by 1.61% to $62.10 per barrel by 11:52 am ET, marking its lowest point since June. Similarly, Brent crude for October settlements saw a 1.51% decrease, trading at $65.15 a barrel at the same time.

This development has left market watchers and investors on edge, eagerly awaiting further updates to gauge the potential long-term impact on global oil markets.