API reports a decline in US crude stocks – Trading Economics

Crude oil inventories in the US dropped by 770,000 bbls in the week that ended 8 November, according to the American Petroleum Institute (API) estimates cited by Trading Economics.

PHOTO: Crude oil barrels. Getty Images

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

The weekly inventory drop contradicted market expectations of a 1 million-bbl rise during the week.

A fall in US crude stocks indicates growth in oil demand, which can put upward pressure on Brent’s price.

Last week, the US-headquartered energy body reported a rise of 3.13 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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