API reports a modest rise in US crude stocks – Trading Economics

Commercial US crude inventories increased by 483,000 bbls in the week ended 12 January, according to the American Petroleum Institute (API) data cited by Trading Economics.

PHOTO: An oil refinery with the US flag hanging in front. Getty Images

Meanwhile, oil market analysts project a decline of 2.4 million bbls.

Last week, the US-headquartered industry body reported a massive drop of 5.2 million bbls in the 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 showed that crude oil stocks rose by 1.34 million bbls.

The broadly followed US government data on crude oil stockpiles from the EIA is due later today. The weekly API and EIA data were delayed by a day due to a public holiday in the US on Monday.

By Aparupa Mazumder 

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