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

The US commercial crude inventories added 423,000 bbls in the week ended 1 March, according to the American Petroleum Institute (API) data cited by Trading Economics.

PHOTO: An oil pump jack with the US flag in the background. Getty Images

Oil market analysts expected a rise of 2.6 million bbls in the week.

This week’s inventory growth, as per the API data, marked the fifth consecutive week of rise, “although it was the smallest gain during this period,” Trading Economics reported.

Last week, the US-headquartered body reported a whopping build of 8.42 million 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 a crude stock build of 4 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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