API reports another drop in US crude stocks – Trading Economics

Crude oil inventories in the US dropped by 1.5 million bbls in the week that ended 27 September, according to the American Petroleum Institute (API) estimates cited by Trading Economics.

PHOTO: A silhouette of an oil pump jack with the US flag in the background. Getty Images

This week’s data marks the “second consecutive weekly drop,” Trading Economics noted citing numbers from the API.

Oil market analysts expected a slightly larger decline of 2.1 million bbls during the week.

A decline in US crude stocks indicates oil demand growth and can put upward pressure on Brent’s price.

Last week, the US-headquartered energy body reported a slump of 4.3 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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