API reports a drop in US crude stocks – Trading Economics

Crude oil inventories in the US declined by 1.5 million bbls in the week that ended 28 February, according to the American Petroleum Institute (API) estimates cited by Trading Economics.

PHOTO: Crude oil pumpjack with the US flag in the background. Getty Images

The latest data "marks the second consecutive week of inventory drawdowns, reversing a five-week streak of increases,” Trading Economics noted.

Market participants were expecting a smaller draw of 300,000 bbls in the week.

The API’s crude stock data was “mixed and neutral for crude sentiment,” VANDA Insights’ founder and analyst Vandana Hari said.

Last week, the API reported a smaller drop of 640,000 bbls in US crude oil inventories in its Weekly Statistical Bulletin, which tracks crude stock builds.

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

By Aparupa Mazumder

Please get in touch with comments or additional info to news@engine.online