API projects a draw in US crude stocks – Trading Economics

US crude oil inventories declined by 2.98 million bbls in the week ending 17 October, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

IMAGE: US flag on an oil refinery. Getty Images

“This was the first drop after two straight weeks of strong builds,” according to Trading Economics.

The official data from the US Energy Information Administration (EIA) is scheduled for release later today.

Last week, the EIA reported that commercial US crude oil stockpiles have increased by 3.5 million bbls to 424 million bbls for the week ending 10 October.

By Konica Bhatt

Please get in touch with comments or additional info to news@engine.online