U.S. oil inventories surge raises demand worries

US Energy Information Administration data showed an unexpected increase in crude oil inventories by 2.479 million barrels, contrary to expectations of a decrease of 1.5 million barrels. This rise reflects a decline in demand for oil, putting downward pressure on crude prices and indicating that the market is benefiting from an excess supply. This situation reinforces market doubts about weak global economic growth amid inflationary pressures and geopolitical conditions. This change follows a sharp drop in inventories the previous week, amounting to 7.167 million barrels, signaling clear shifts in the supply and demand balance for oil.

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