API reports a decline in US crude stocks – Trading Economics

US crude oil inventories fell by 4.4 million bbls in the week ending 17 April, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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The latest data reversed two consecutive weeks of builds in US stockpiles, Trading Economics noted.

Market analysts were expecting a 1 million-bbl draw instead.

A decline in US crude stocks typically indicates improvement in demand for oil and can put some upward pressure on Brent's price.

In the previous week, the API had reported a 6.1 million-bbl increase in its Weekly Statistical Bulletin, which tracks changes in domestic crude supplies.

Official inventory data from the US Energy Information Administration (EIA) will be released later today.

By Aparupa Mazumder

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