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

US commercial crude inventories fell by 5.25 million bbls in the week ended 15 September, according to the American Petroleum Institute (API) data cited by Trading Economics.

PHOTO: An oil refinery installation in Southern California, adorned with a US flag. Getty Images

This week’s data “marked the fifth week of declines in the US Crude Oil Inventories in the last six weeks,” reported Trading Economics.

Analysts expected a fall of 2.67 million bbls.

Last week, the US-headquartered industry body reported a build of 1.17 million bbls in US crude oil inventories in its Weekly Statistical Bulletin that tracks crude stock builds in the US.

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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