API reports a draw in US crude stocks – Trading Economics

US crude oil inventories decreased by 4.8 million bbls in the week ending 5 December, according to American Petroleum Institute (API) estimates cited by Trading Economics.

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The drop in US crude inventories marked the third straight weekly decline and the “sharpest draw since early June,” Trading Economics noted.

Market analysts had expected a much smaller draw of 1.7 million bbls in the week.

A drop in US crude stocks usually signals stronger demand and can offer some support to Brent’s price.

Last week, the API reported a 2.5 million-bbl draw in its Weekly Statistical Bulletin, which tracks shifts in domestic crude supplies.

The official figures from the US Energy Information Administration (EIA) are due later today.

By Aparupa Mazumder

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