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

US commercial crude inventories surged by 11.9 million bbls in the week ended 3 November, according to the American Petroleum Institute (API) data cited by Trading Economics.

PHOTO: An oil refinery with the US flag hanging in front. Getty Images

“It was the biggest weekly rise since the first week of 2023,” Trading Economics reported.

Meanwhile, oil market analysts expect Brent prices to continue declining after the massive spike in weekly US crude builds reported overnight.

“The weakness [in oil prices] seen yesterday is likely to continue today,” said two analysts from ING Bank. “The API released inventory numbers overnight were bearish,” they further added.

Last week, the US-headquartered industry body reported a rise of 1.35 million bbls in US crude oil inventories on its Weekly Statistical Bulletin that tracks crude stock builds in the US.

The release of US government weekly data on crude oil stockpiles from the US Energy Information Administration (EIA) will be delayed until 13 November due to planned system upgrades.

By Aparupa Mazumder 

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