API forecasts another slump in US crude stocks – Trading Economics

Crude oil inventories in the US dropped by about 2.8 million bbls in the week that ended 6 September, according to the American Petroleum Institute (API) estimates cited by Trading Economics.

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

This week’s data “marks the third consecutive week of declining oil inventories,” Trading Economics noted citing numbers from the API.

A drop in US crude stocks can support oil demand growth and put upward pressure on Brent’s price.

Oil market analysts expected a decline of 700,000 bbls during the week.

Last week, the US-headquartered body reported a big slump of 7.4 million bbls in US crude oil inventories in its Weekly Statistical Bulletin that tracks crude stock builds in the US.

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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