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

US crude oil inventories rose by a whopping 10.3 million bbls in the week ending 27 March, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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Market participants had expected a 1.3 million bbl decline instead.

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

In the previous week, the API had reported a 2.3 million bbl surge in its Weekly Statistical Bulletin, which tracks changes in domestic crude supplies.

Official inventory data from the US Energy Information Administration (EIA) will be released later today.

By Aparupa Mazumder

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