API reports another drop in US crude inventories – Trading Economics

US crude oil inventories dropped by 3.8 million bbls in the week ending 19 September, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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The decline has “marked the largest decrease in seven weeks,” according to Trading Economics.

A drop in US crude stocks typically indicates higher demand and can lend some support to Brent's price.

Last week, the API reported a 3.42 million-bbl decline 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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