API reports a further rise in US crude inventories – Trading Economics

US crude oil inventories increased by 4.6 million bbls in the week ending 14 March, according to American Petroleum Institute (API) estimates cited by Trading Economics.

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The latest data marked the “second straight week of inventory builds after two weeks of declines,” according to Trading Economics.

The reported increase in US crude stocks far exceeded market expectations of a 1.2 million-bbl rise. A buildup in inventories typically signals weaker oil demand, which can put downward pressure on Brent prices.

Last week, the US-headquartered energy body reported a 4.2 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 Tuhin Roy

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