API reports a surge in US crude stocks – Trading Economics

US crude oil inventories gained by 6.5 million bbls in the week ending 31 October, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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“This was the largest weekly build since early July,” according to Trading Economics.

In contrast, market analysts had expected a draw of 2.4 million bbls.

A build in US crude stocks typically indicates lower demand for oil and can put some downward pressure on Brent's price.

Last week, the API reported a 4 million-bbl draw 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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