API reports a big slump in US crude stocks – Trading Economics

Crude oil inventories in the US dropped by 5.9 million bbls in the week that ended 22 November, according to the American Petroleum Institute (API) estimates cited by Trading Economics.

PHOTO: A silhouette of an oil pump jack with the US flag in the background. Getty Images

The latest data marked the “seventh week of draw in the past twelve weeks,” Trading Economics noted citing numbers from the API.

The weekly inventory build contradicted market expectations of a 250,000-bbl rise during the week.

A drop in US crude stocks indicates growing oil demand, which can push Brent's price higher.

Last week, the US-headquartered energy body reported a surge of 4.7 million bbls in US crude oil inventories in its Weekly Statistical Bulletin that tracks crude stock builds.

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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