API reports a drop in US crude stocks – Trading Economics

US crude oil inventories fell by 1.8 million bbls in the week ending 24 April, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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Market analysts had instead expected a 300,000-bbl increase.

A decline in US crude stocks typically indicates improvement in demand for oil and can put some upward pressure on Brent's price.

In the previous week, the API had reported a 4.4 million-bbl decrease 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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