API reports a decline in US crude stocks – Trading Economics

US crude oil inventories fell by 2.8 million bbls in the week ending 22 May, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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A decline in US crude stocks could indicate improved demand for oil and can put some upward pressure on Brent's price.

In the previous week, the API reported a substantial 9.1 million-bbl decrease in its Weekly Statistical Bulletin, which tracks changes in domestic crude supplies.

“Despite recent draws, US crude inventories have increased by 22 million barrels so far this year,” Trading Economics reported citing API data.

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

By Shilpa Sharma

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