API data shows fall in US crude oil inventories – Trading Economics

The American Petroleum Institute (API) data cited by Trading Economics showed a decline of about 6.20 million bbls in US crude oil stocks in the week that ended 11 August.

PHOTO: An oil refinery installation in Southern California, adorned with a US flag. Getty Images

The Price Futures Group’s market analyst Phil Flynn expected a decline of 3 million bbls, he said in a note.

Last week, the US-headquartered industry body reported an unexpected build of 4.07 million bbls in US crude oil inventories in its Weekly Statistical Bulletin that tracks crude stock builds in the US. The oil market expected a drop of 2.05 million bbls in US crude stocks in the week ending 4 August, Trading Economics reported.

The broadly followed US government data on crude oil stockpiles from the US Energy Information Administration (EIA) is due later today.

By Aparupa Mazumder 

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