API reports a draw in US crude stocks – Trading Economics

US crude oil inventories decreased by 2.8 million bbls in the week ending 2 January, according to American Petroleum Institute (API) estimates cited by Trading Economics.

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The drop in US crude inventories “snapped a two-week streak of rising inventories,” according to data cited by Trading Economics.

Market analysts expected a 1.2 million-bbl increase.

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

Last week, the API reported a 1.7 million-bbl increase in its Weekly Statistical Bulletin, which tracks changes in domestic crude supplies.

The official figures from the US Energy Information Administration (EIA) will be out later today.

By Aparupa Mazumder

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