API reports a rise in US crude stocks – Trading Economics

Commercial US crude inventories increased by 1.84 million bbls in the week ended 22 December, according to the American Petroleum Institute (API) data cited by Trading Economics.

PHOTO: Oil pump jacks with the US Dollar in the background. Getty Images

Oil market analysts expected the US crude inventories to decline by 2.7 million bbls in the week, Reuters reported.

Last week, the US-headquartered industry body reported a modest rise of 939,000 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.

The weekly API and EIA data were delayed by a day due to the Christmas Day holiday.

By Aparupa Mazumder 

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