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

US crude oil inventories fell by 8.1 million bbls in the week ending 1 May, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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A decline in US crude stocks typically indicates improvement in demand for oil and can put some upward pressure on Brent's price.

In the previous week, the API reported a 1.8 million-bbl decrease in its Weekly Statistical Bulletin, which tracks changes in domestic crude supplies.

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

“Ahead of the [EIA] release, US commercial crude oil inventories remain comfortable, at 459m [459 million] barrels, slightly over 1% above the seasonal 5-year average,” two analysts from ING Bank noted.

By Aparupa Mazumder

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