API reports a drop in US crude stocks – Trading Economics

US commercial crude inventories fell by 5.52 million bbls in the week ended 1 September, according to the American Petroleum Institute (API) data cited by Trading Economics.

PHOTO: An oil refinery complex in Los Angeles, CA. Getty Images

“This marks the fourth consecutive week of decreases and exceeding market expectations" of a 1.43 million bbls-drop, reported Trading Economics.

Last week, the US-headquartered industry body reported a massive decline of 11.49 million bbls in US crude oil inventories in its Weekly Statistical Bulletin that tracks crude stock builds in the US.

The broadly followed US government data on crude oil stockpiles from the US Energy Information Administration (EIA) is due later today.

By Aparupa Mazumder 

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