API reports big US crude stock draw – Trading Economics

US crude oil inventories fell by a whopping 9.1 million bbls in the week ending 15 May, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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Market analysts expected a much smaller draw of 3.4 million bbls.

A decline in US crude stocks could indicate improved demand for oil and can put some upward pressure on Brent's price.

In the previous week, the API reported a 2.2 million-bbl decrease in its Weekly Statistical Bulletin, which tracks changes in domestic crude supplies.

“Despite the weekly draw, total crude stocks are still up 26 million barrels year-to-date,” Trading Economics noted.

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

By Aparupa Mazumder

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