Last week, the US API crude oil inventory increased by 7.144 million barrels.

According to statistics released by the American Petroleum Institute (API), last week U.S. API crude oil inventories increased by 7.144 million barrels, compared to a decrease of 300 thousand barrels the previous week. Crude oil inventory changes are typically one of the key reference indicators for the international crude oil market trend. When inventories rise more than expected, it often exerts certain downward pressure on oil prices. Subsequently, the market will closely monitor related inventory data released by official energy agencies to further assess the actual direction of crude oil supply and demand.