API projects a drop in US crude stocks – Trading Economics

Crude oil inventories in the US fell by about 3.4 million bbls in the week that ended 23 August, according to the American Petroleum Institute (API) estimates cited by Trading Economics.

PHOTO: An oil pump jack with the US flag in the background. Getty Images

However, oil market analysts expected a smaller drop in crude inventories for the week ending 23 August. They expected a draw of 700,000 barrels, VANDA Insights’ founder and analyst Vandana Hari said.

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

Last week, the US-headquartered body reported a build of 347,000 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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