API reports a massive hike in US crude stocks – Trading Economics

The US commercial crude inventories soared by a massive 8.52 million bbls in the week ended 9 February, according to the American Petroleum Institute (API) data cited by Trading Economics.

PHOTO: Silhouette of an oil pump jack with the US flag in the background. Getty Images

Meanwhile, oil market analysts have projected a crude stock rise of 2.6 million bbls.

This week’s inventory gains, as per the API data, “marked the highest weekly gain in crude oil inventories since mid-November,” Trading Economics reported.

Last week, the US-headquartered body reported a modest rise of 674,000 bbls in US crude oil inventories in its Weekly Statistical Bulletin that tracks crude stock builds in the US. However, the US Energy Information Administration's (EIA) official data that came out later that day showed that crude oil stocks rose by 5.5 million bbls.

The broadly followed US official government data on crude oil stockpiles from the EIA is due later today.

By Aparupa Mazumder 

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