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

US crude oil inventories gained by a staggering 11.4 million bbls in the week ending 20 February, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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The increase in crude stocks was “more than six time the expected 1.85 million barrel build,” Trading Economics noted.

A rise in US crude stocks can indicate lower demand for oil and put some downward pressure Brent's price.

In the previous week, the API had reported a 610,000 bbl drop 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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