API reports a rise in US crude inventories – Trading Economics

US crude oil inventories gained by 2.4 million bbls in the week ending 11 April, according to American Petroleum Institute (API) estimates cited by Trading Economics.

IMAGE: Oil pump jacks with the US flag in the background. Getty Images

This week’s data “marked the second inventory build in the last four weeks,” Trading Economics noted.

Market analysts expected a 1.68 million-bbl draw in the crude stocks.

A buildup in inventories typically signals weaker oil demand, which can put downward pressure on Brent's price.

Last week, the US-headquartered energy body reported a 1.06 million-bbl drop in US crude oil inventories in its Weekly Statistical Bulletin, which tracks crude stock changes in the US.

The broadly followed US government data on crude stockpiles from the US Energy Information Administration (EIA) is due later today.

By Aparupa Mazumder

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