API reports a decline in US crude stocks – Trading Economics

US crude oil inventories fell by around 2.2 million bbls in the week ending 8 May, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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The latest data marked “a fourth straight weekly decline,” Trading Economics noted.

Market analysts expected a smaller draw of 1.65 million bbls.

A decline in US crude stocks typically indicates improvement in demand for oil and can put some upward pressure on Brent's price.

In the previous week, the API reported an 8.1 million-bbl decrease 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

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