US API crude oil inventory change (10,000 barrels) for last week (as of 0731) released: 269

U.S. API crude inventories unexpectedly surged by 2.69 million barrels, far exceeding the expected drawdown of 2 million barrels, signaling significant supply-side pressure.

Last week, the U.S. API crude oil inventory change figure came in at 2.69 million barrels, significantly higher than the expected -2.0 million barrels and the previous value of -3.296 million barrels. This substantial deviation from expectations indicates an unexpected buildup in crude oil inventories, and its impact on liquidity and policy prospects will need to be assessed in light of subsequent market developments.