API reports a sharp fall in US crude stocks – Trading Economics

US commercial crude inventories declined by 5.5 million bbls in the week ended 8 March, according to the American Petroleum Institute (API) data cited by Trading Economics.

PHOTO: Oil barrels and a pump jack along with the US flag. Getty Images

Conversely, oil market analysts expected a rise of 400,000 bbls in the week.

This week’s inventory decline, as per the API data, “snapped fifth straight week of gains, and dropped well below market expectations,” Trading Economics reported.

Last week, the US-headquartered body reported a modest build of 423,000 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 1.37 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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