API reports a small drop in US crude inventories – Trading Economics

US crude oil inventories fell by 370,000 bbls in the week ending 6 June, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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This week’s data marked the “smallest inventory change since August 2024,” Trading Economics noted. However, the modest decline defied the 700,000-bbl build that market analysts had anticipated.

A decrease in US crude stockpiles generally signals stronger demand and can provide some support to Brent's price.

In the previous week, the API reported a 3.3 million-bbl drop in US crude inventories in its Weekly Statistical Bulletin, which monitors changes in domestic crude stocks.

The widely watched official data from the US Energy Information Administration (EIA) is scheduled for release later today.

By Aparupa Mazumder

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