"Oil Prices Drop Amid Unexpected Surge in Crude and Product Inventories"

Oil prices fell after the American Petroleum Institute (API) reported unexpected increases in U.S. crude and product inventories, contrary to analyst expectations of a draw. The Department of Energy also noted a rise in the Strategic Petroleum Reserve. Market unease over OPEC+'s production plans contributed to the price drop, with Brent crude and U.S. benchmark WTI both down nearly $6 per barrel from the previous week.