API projects rise in US crude stocks – Trading Economics

Crude oil inventories in the US moved 180,000 bbls higher in the week that ended 2 August, according to the American Petroleum Institute (API) estimates cited by Trading Economics.

PHOTO: Oil barrels along with the US flag. Getty Images

The latest data “snapped a fifth consecutive week of decline in crude oil inventories,” Trading Economics noted.

A rise in US crude stocks can dampen oil demand growth and lower oil prices.

Oil market analysts expected a build of 850,000 bbls for the week ending 2 August. The report was “bearish across-the-board,” VANDA Insights’ founder and analyst Vandana Hari said.

Last week, the US-headquartered body reported a decline of 4.5 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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