API reports another decrease in US crude stocks – Trading Economics

US crude oil inventories fell by 2.48 million bbls in the week ending 28 November, according to American Petroleum Institute (API) estimates cited by Trading Economics.

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The drop marked “the second straight weekly decline in inventories,” Trading Economics noted.

A fall in US crude stocks usually signals stronger demand and can offer some support to Brent’s price.

Last week, the API reported a 1.9 million-bbl draw in its Weekly Statistical Bulletin, which tracks shifts in domestic crude supplies.

The official figures from the US Energy Information Administration (EIA) are due later today.

By Tuhin Roy

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