API reports a drop in US crude stocks – Trading Economics

US crude oil inventories declined by 4 million bbls in the week ending 24 October, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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“This was the second consecutive drop after two straight weeks of strong builds,” according to Trading Economics.

Market analysts had expected a smaller draw of 2.9 million bbls.

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 2.98 million-bbl build 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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