🔴 Oil Fund (USO) is trading 3.5% down in pre-market after surprise API crude inventory build

USO is trading at $156.22 (-3.48%) in pre-market after U.S. crude inventory data weakened oil prices.

• The API reported a 7.1 million-barrel U.S. crude inventory build, reversing expectations for a draw.
• The EIA reported a 640,000-barrel draw versus the expected 1.62 million barrels; gasoline and distillate inventories increased.
• Reports that Saudi Arabia offered additional crude cargoes through Oman further reduced supply-disruption fears.