API reports third consecutive drop in US crude stocks – Trading Economics

US crude oil inventories dropped by 3.7 million bbls in the week ending 26 September, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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“This marked the third consecutive weekly draw and the sixth decline in the past eight 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 3.8 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 Shilpa Sharma

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