API reports a massive surge in US crude stocks – Trading Economics

US commercial crude inventories soared by 12.94 million bbls in the week ended 6 October, according to the American Petroleum Institute (API) data cited by Trading Economics.

PHOTO: An oil refinery installation in Southern California, adorned with a US flag. Getty Images

This was the “biggest gain in US crude oil inventories since the first week of January,” reported Trading Economics.

Meanwhile, analysts expected a rise of 1.3 million bbls.

The US-headquartered industry body reported a decline of 4.21 million bbls in US crude oil inventories in the week ended 29 September.

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

By Aparupa Mazumder 

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