API reports a build in US crude stocks – Trading Economics

US crude oil inventories increased by 2.6 million bbls in the week ending 17 July, according to estimates from the American Petroleum Institute (API), as cited by Trading Economics.

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Market analysts had expected a 1.5 million-bbl draw, Trading Economics reported.

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

The latest build comes after US crude inventories dropped by 564,000 bbls in the previous week, according to the API’s Weekly Statistical Bulletin, which monitors changes in US domestic crude supplies.

Despite the increase, US commercial crude inventories excluding the Strategic Petroleum Reserve (SPR) have declined by more than 57 million bbls over the past 13 weeks, according to the API.

The market is now awaiting official inventory data from the US Energy Information Administration (EIA), which is due to be released later today.

By Aparupa Mazumder

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