API data shows fall in US crude oil inventories – Trading Economics

The American Petroleum Institute (API) data cited by Trading Economics showed a decline of about 2.42 million bbls in US crude oil stocks in the week that ended 18 August.

PHOTO: An oil refinery installation in Los Angeles, California, adorned with a US flag. Getty Images

"API numbers released overnight show that US crude oil inventories fell by 2.4 million bbls, slightly less than the roughly 3 million bbls draw the market was expecting," said ING's head of commodities strategy Warren Patterson.

Last week, the US-headquartered industry body reported a drop of 6.19 million bbls in US crude oil inventories in its Weekly Statistical Bulletin that tracks crude stock builds in the US. The drop was much higher than the market expectation of a 2.90 million bbls draw, Trading Economics reported.

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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