API reports a decline in US crude stocks – Trading Economics

US crude oil inventories recorded a decline of 6.1 million bbls in the week ending 26 June, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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“Commercial crude stockpiles excluding the Strategic Petroleum Reserve (SPR) have now declined by 59.4 million barrels over the past eleven weeks,” Trading Economics reported.

A fall in US crude stockpiles is generally seen as a sign of stronger oil demand and can provide upward support to Brent’s price.

The latest draw follows a 765,000-bbl decline in crude inventories the previous week, as outlined in the API’s Weekly Statistical Bulletin, which tracks changes in US domestic crude supplies.

Market participants are now awaiting official inventory figures from the US Energy Information Administration (EIA), which are scheduled for release later today.

By Aparupa Mazumder

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