API reports another rise in US crude stocks – Trading Economics

US crude oil inventories gained by 5.6 million bbls in the week ending 27 February, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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The increase in crude stocks was “more than twice” of what market analysts had initially projected, Trading Economics noted.

A rise in US crude stocks can indicate lower demand for oil and put some downward pressure Brent's price.

Market participants expected a 2.19 million-bbls build.

In the previous week, the API had reported a staggering 11.4 million bbl build in its Weekly Statistical Bulletin, which tracks changes in domestic crude supplies.

Official inventory data from the US Energy Information Administration (EIA) will be released later today.

By Aparupa Mazumder

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