API reports a modest drop in US crude stocks – Trading Economics

US commercial crude inventories fell by 820,000 bbls in the week ended 24 November, according to the American Petroleum Institute (API) data cited by Trading Economics.

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

This week’s data marks the first week of fall in US crude oil inventories since the third week of October, Trading Economics reported citing API data.

Oil market analysts expected US crude inventories to decline by 2 million bbls in the week. “Numbers from the API overnight were somewhat neutral,” said two analysts from ING Bank. “The market was expecting a small draw in [US] crude inventories,” they further added.

Last week, the US-headquartered industry body reported a whopping rise of 9.05 million bbls in US crude oil inventories in its Weekly Statistical Bulletin that tracks crude stock builds in the US.

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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