API reports a draw in US crude stocks – Trading Economics

US crude oil inventories decreased by 5.3 million bbls in the week ending 30 October, according to estimates from the American Petroleum Institute (API), as cited by Trading Economics.

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The inventory decline defied “[market] expectations for a 2.1 million-barrel increase,” Trading Economics noted.

The latest draw follows a 2.03 million-bbl decline in US crude inventories in the previous week, according to the API’s Weekly Statistical Bulletin, which monitors changes in US domestic crude supplies.

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

The market is now awaiting official inventory data from the US Energy Information Administration (EIA), which is due to be released later today.

By Aparupa Mazumder

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