API reports a drop in US crude stocks – Trading Economics

US commercial crude inventories declined by 2.35 million bbls in the week ended 8 December, according to the American Petroleum Institute (API) data cited by Trading Economics.

PHOTO: Oil refinery complex with big American flag displayed, and fumes coming out from the chimney. Getty Images

Oil market analysts expected the US crude inventories to drop by 1.5 million bbls in the week.

Last week, the US-headquartered industry body reported an increase of 594,000 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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