API reports a rise in US crude stocks – Trading Economics

US commercial crude inventories rose by 1.59 million bbls in the week ended 22 September, 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 “marked the second gain in US crude oil inventories in the last seven weeks,” reported Trading Economics.

Analysts expected a fall of 1.65 million bbls.

Last week, the US-headquartered industry body reported a steep draw of 5.25 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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