Unexpected Inventory Build Weighs on Oil Markets

Oil futures extended their decline on Thursday following private data from the American Petroleum Institute (API) revealing an unexpected increase in crude oil inventories in the United States. This surprising buildup has added downward pressure to already volatile markets.

OPEC+ Production Discussions Add to Bearish Sentiment

Market sentiment was further dampened by media reports suggesting that OPEC+ might consider another production increase at its upcoming meeting. The potential for additional supply coming online has investors concerned about oversupply conditions.

Price Movements at a Glance

West Texas Intermediate (WTI) for October delivery fell 1.33% to $63.10 per barrel at 4:05 am ET. Brent crude for November settlement dropped 1.23% to $66.75 per barrel just one minute later, confirming the broad-based selloff across major oil benchmarks.