API reports a slight gain in US crude stocks – Trading Economics

Crude oil inventories in the US rose by 1.64 million bbls in the week that ended 18 October, according to the American Petroleum Institute (API) estimates cited by Trading Economics.

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

The latest data marked the “third weekly inventory built in the last eight weeks,” Trading Economics noted citing numbers from the API.

This came significantly above market expectations of a 0.7 million-bbl increase. A rise in US crude stocks indicates decline in oil demand, which can put downward pressure on Brent’s price.

Last week, the US-headquartered energy body reported a decline of 1.58 million bbls in US crude oil inventories in its Weekly Statistical Bulletin that tracks crude stock builds in the US.

By Tuhin Roy

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