API projects a small rise in US crude stocks – Trading Economics

Crude oil inventories in the US gained 914,000 bbls in the week that ended 21 June, according to the American Petroleum Institute (API) estimates cited by Trading Economics.

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

The latest API data marked the “smallest weekly gain in crude oil inventories since early May,” Trading Economics noted.

Oil market analysts expected a draw of 3 million bbls in the week.

An increase in US crude stocks is seen as a negative indicator of oil demand growth and can put downward pressure on oil prices.

Last week, the US-headquartered body reported a rise of 2.26 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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