API reports a rise in US crude stocks – Trading Economics

US commercial crude inventories increased by 1.17 million bbls in the week ended 8 September, according to the American Petroleum Institute (API) data cited by Trading Economics.

PHOTO: An oil refinery complex in Los Angeles, CA. Getty Images

The latest data “broke the fourth straight week of decreases in US crude oil inventories, compared to market expectations” of a 2 million bbls-drop, reported Trading Economics.

The US-headquartered industry body reported a decline of 5.52 million bbls in US crude oil stocks in the week that ended 1 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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