API reports a drop in US crude inventories – Trading Economics

US crude oil inventories fell by 1.06 million bbls in the week ending 4 April, according to American Petroleum Institute (API) estimates cited by Trading Economics.

CONCEPT: An oil barrel with the US flag in the background. Getty Images

Notably, a drop in US crude stocks can boost oil demand growth in the country and lend some support to Brent's price.

Last week, the US-headquartered energy body reported a massive 6.04 million-bbl rise in US crude oil inventories in its Weekly Statistical Bulletin, which tracks crude stock changes in the US.

The broadly followed US government data on crude stockpiles from the US Energy Information Administration (EIA) is due later today.

By Aparupa Mazumder

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