API reports a decline in US crude stocks – Trading Economics

US commercial crude inventories dropped by 4.38 million bbls in the week ended 13 October, according to the American Petroleum Institute (API) data cited by Trading Economics.

PHOTO: Crude oil pump jack against the flag of US. Getty Images

Meanwhile, market analysts expected a decline of 1.27 million bbls.

"API numbers released overnight will also be providing a bit of support to the [oil] market," said ING Bank's head of commodities strategy Warren Patterson.

The US-headquartered industry body reported a surprise surge of 12.94 million bbls in US crude oil inventories in the week ended 6 October.

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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