API reports a drop in US crude stocks – Trading Economics

US crude oil inventories dropped by 1.7 million bbls in the week ending 6 March, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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A drop in US crude stocks can indicate higher demand for oil and put some upward pressure on Brent's price.

Meanwhile, market participants expected a 1.4 million bbl build.

In the previous week, the API had reported a 5.6 million bbl build in its Weekly Statistical Bulletin, which tracks changes in domestic crude supplies.

Official inventory data from the US Energy Information Administration (EIA) will be released later today.

By Aparupa Mazumder

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