API reports a decline in US crude stocks – Trading Economics

US commercial crude inventories fell by 1.5 million bbls in the week ended 15 March, according to the American Petroleum Institute (API) data cited by Trading Economics.

PHOTO: An oil refinery with the US flag hanging in front. Getty Images

On the contrary, oil market analysts expected a rise of 700,000 bbls in the week.

“Crude oil stocks fell for the second straight week after notching five weeks of gain,” Trading Economics reported.

"The American Petroleum Institute’s [API] latest weekly US stocks data was mildly bullish," said analysts from VANDA Insight.

Last week, the US-headquartered body reported a huge fall of 5.5 million bbls in US crude oil inventories in its Weekly Statistical Bulletin that tracks crude stock builds in the US. The US Energy Information Administration's (EIA) official data that came out later that day showed a crude stock decline of 1.54 million bbls.

The broadly followed US government data on crude oil stockpiles from the EIA is due later today.

By Aparupa Mazumder 

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