API reports a decline in US crude stocks – Trading Economics

US crude oil inventories decreased by 3.20 million barrels in the week ending 27 December, compared to a larger decline of 4.70 million barrels in the previous week, according to American Petroleum Institute (API) estimates reported by Trading Economics.

PHOTO: Silhouette of oil drilling pump on background of US flag. Getty Images

A decline in US crude oil inventories signals increasing oil demand, potentially boosting Brent prices.

“The American Petroleum Institute’s slightly bullish US oil stocks data may have spurred the buying interest through Thursday,” Vandana Hari, founder and analyst at VANDA Insights, stated.

The widely anticipated crude oil stockpile report from the US Energy Information Administration (EIA) is set to be released later today.

By Tuhin Roy

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