API reports a build in US crude stocks – Trading Economics

US commercial crude inventories rose by 1.34 million bbls in the week ended 10 November, according to the American Petroleum Institute (API) data cited by Trading Economics.

PHOTO: An oil refinery complex in Southern California with a big American flag displayed. Getty Images

Oil market analysts expected US crude inventories to increase by 1.4 million bbls in the week. The API data came “slightly below market expectation,” Trading Economics reported.

“[Latest] Numbers from the API overnight were fairly neutral,” said ING Bank’s head of commodities strategy Warren Patterson.

Last week, the US-headquartered industry body reported a stark rise of 11.9 million bbls in US crude oil inventories on its Weekly Statistical Bulletin, which 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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