API reports a stark drop in US crude stocks – Trading Economics

US commercial crude inventories dropped by 4.21 million bbls in the week ended 29 September, according to the American Petroleum Institute (API) data cited by Trading Economics.

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

This week’s data “marked the sixth weekly draw in US crude oil inventories in the last eight weeks,” reported Trading Economics.

Meanwhile, oil market analysts expected a fall of 92,000 bbls in the week ended 29 September.

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

By Aparupa Mazumder 

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