API reports a big build in US crude stocks – Trading Economics

Crude oil inventories in the US rose by 4.2 million bbls in the week that ended 7 March, according to the American Petroleum Institute (API) estimates cited by Trading Economics.

CONCEPT: Oil barrels painted as the flag of US. Getty Images

The latest data has reversed two consecutive weeks of decline in US crude stocks, Trading Economics noted.

Market participants were expecting a smaller build of 2.1 million bbls in the week.

A rise in US crude stocks indicates weakness in oil demand, which can put downward pressure on Brent crude’s price.

Last week, the API reported a smaller drop of 1.5 million bbls in US crude oil inventories in its Weekly Statistical Bulletin, which tracks crude stock builds.

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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