API estimates third straight week of US crude stock builds – Trading Economics

US commercial crude inventories jumped by a whopping 9.05 million bbls in the week ended 17 November, Trading Economics reported citing American Petroleum Institute (API) data.

PHOTO: US flag on an oil refinery. Getty Images

This increase has far exceeded market expectations of a 1.47 million-bbl rise, according to Trading Economics.

API's forecast of a massive stock build comes on the heels of a 17 million-bbl rise in commercial US crude inventories over the past two weeks. It could offset speculations about potential OPEC+ output cuts at Sunday's joint ministerial meeting, capping Brent's price gains.  

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

By Konica Bhatt

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