API reports a drop in US crude stocks – Trading Economics

US commercial crude inventories declined by 2.67 million bbls in the week ended 20 October, according to the American Petroleum Institute (API) data cited by Trading Economics.

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

This week’s data from API’s Weekly Statistical Bulletin “marked the ninth weekly draw in US Crude Oil Inventories in the last thirteen weeks and the slowest drop since mid-August,” Trading Economics reported.

Meanwhile, market analysts expected a drop of 1.55 million bbls.

The US-headquartered industry body reported a decline of 4.38 million bbls in US crude oil inventories in the week ended 13 October.

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

By Aparupa Mazumder 

Please get in touch with comments or additional info to news@engine.online