API reports a draw in US crude inventories – Trading Economics

US crude oil inventories fell by 3.3 million bbls in the week ending 30 May, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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This decline was significantly larger than the 0.9 million-bbl draw that market analysts had anticipated.

A decrease in US crude stockpiles generally signals stronger demand and can provide some support to Brent's price.

In the previous week, the API reported a 4.2 million-bbl drop in US crude inventories in its Weekly Statistical Bulletin, which monitors changes in domestic crude stocks.

The widely watched official data from the US Energy Information Administration (EIA) is scheduled for release later today.

By Tuhin Roy

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