API reports a decline in US crude stocks – Trading Economics

US commercial crude inventories contracted by 2.3 million bbls in the week ended 29 March, according to the American Petroleum Institute (API) data cited by Trading Economics.

PHOTO: A silhouette of an oil pump jack with the US flag in the background. Getty Images

Oil market analysts were expecting a decline of 2 million bbls in the week.

Crude oil inventories fell, “after booking the largest weekly gain since mid-February 2023 in the prior week,” Trading Economics reported.

A decline in US crude inventories can boost Brent’s price as it indicates demand growth in the world’s largest oil-consuming nation.

Last week, the US-headquartered body reported a whopping gain of 9.3 million bbls in US crude oil inventories in its Weekly Statistical Bulletin that tracks crude stock builds in the US. The US Energy Information Administration's (EIA) official data that came out later that day showed an increase of 3.17 million bbls in crude stocks to 448 million bbls during the same time.

The broadly followed US government data on crude oil stockpiles from the EIA is due later today.

By Aparupa Mazumder 

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