API reports another draw in US crude stocks – Trading Economics

US crude oil inventories decreased by 300,000 bbls in the week ending 4 September, according to estimates from the American Petroleum Institute (API), as cited by Trading Economics.

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

The latest draw follows a 2.6 million-bbl decline in the US crude inventories in the previous week, according to the API’s Weekly Statistical Bulletin, which monitors changes in US domestic crude supplies.

US commercial crude inventories excluding the Strategic Petroleum Reserve (SPR) have declined by over 48 million bbls over the past 21 weeks, according to the API.

The market is now awaiting official inventory data from the US Energy Information Administration (EIA), which is due to be released later today.

The API data was delayed by a day due to US Labour Day holiday.

By Aparupa Mazumder

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