API reports a drop in US crude stocks – Trading Economics

Crude oil inventories in the US declined by 2.6 million bbls in the week that ended 10 January, according to the American Petroleum Institute (API) estimates cited by Trading Economics.

PHOTO: The US flag and oil barrels. Getty Images

The latest data marked the fifth consecutive week of decline and the “eighth draw in the past twelve weeks,” Trading Economics noted citing numbers from the API.

A drop in US crude stocks indicates a growth in oil demand, which can support Brent's price.

Last week, the API reported a draw of 4.0 million bbls in US crude oil inventories in its Weekly Statistical Bulletin, which tracks crude stock builds.

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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