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

US crude oil inventories rose by 6.6 million bbls in the week ending 13 March, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

IMAGE: An oil pump jack with the US flag in the background. Getty Images

The rise marks “the most in three weeks,” Trading Economics noted.

Market participants expected a 600,000 bbl decline.

A build in US crude stocks typically indicates lower demand for oil and can put some downward pressure on Brent's price.

In the previous week, the API had reported a 1.7 million bbl drop 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.

By Aparupa Mazumder

Please get in touch with comments or additional info to news@engine.online