API reports a drop in US crude inventories – Trading Economics

US crude oil inventories fell by 2.4 million bbls in the week ending 15 August, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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The decline “exceeded expectations” as market analysts had projected a smaller drawdown of about 1.2 million bbls in the week, Trading Economics noted.

A drop in US crude stocks typically indicates higher demand and can lend some support to Brent's price.

Last week, the API reported a 1.5 million-bbl rise in US crude inventories in its Weekly Statistical Bulletin, which monitors changes in domestic crude stocks.

The widely watched official data from the US Energy Information Administration (EIA) is scheduled for release later today.

By Aparupa Mazumder

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