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

US crude oil inventories increased by 5.3 million bbls in the week ending 9 January, according to American Petroleum Institute (API) estimates cited by Trading Economics.

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The rise in US crude inventories “marked the largest inventory build since late October,” according to data cited by Trading Economics.

Market analysts expected a 2 million-bbl draw.

A rise in US crude stocks can indicate lower demand for oil and put some downward pressure Brent's price.

Last week, the API reported a 2.8 million-bbl decrease in its Weekly Statistical Bulletin, which tracks changes in domestic crude supplies.

The official figures from the US Energy Information Administration (EIA) will be out later today.

By Aparupa Mazumder

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