API reports a rise in US crude inventories – Trading Economics

US crude oil inventories increased by 1.5 million bbls in the week ending 8 August, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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The build was unexpected as market analysts had projected a drawdown of about 800,000 bbls in the week, Trading Economics noted.

A rise in US crude stocks may indicate lower demand and put some downward pressure on Brent's price.

In the previous week, the API reported a 4.2 million-bbl drop in US crude inventories in its Weekly Statistical Bulletin, which monitors changes in domestic crude stocks.

The widely watched official data from the US Energy Information Administration (EIA) is scheduled for release later today.

By Aparupa Mazumder

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