API reports a hike in US crude stocks – Trading Economics

US crude oil inventories gained by 4.4 million bbls in the week ending 14 November, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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This was the third straight weekly build in inventories, according to Trading Economics.

“Overall, the report was relatively bearish,” two analysts from ING Bank noted.

A build in US crude stocks typically indicates lower demand for oil and can put downward pressure on Brent futures.

Last week, the API reported a 1.3 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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