API reports a rise in US crude stocks – Trading Economics

Crude oil inventories in the US rose by 1.2 million bbls in the week that ended 29 November, according to the American Petroleum Institute (API) estimates cited by Trading Economics.

PHOTO: The US flag painted on oil drum barrels. Getty Images

The latest data marked the “sixth week of built in the past twelve weeks,” Trading Economics noted citing numbers from the API.

The weekly inventory rise contradicted market expectations of a 2.06 million-bbl fall during the week.

A surge in US crude stocks indicates a slowdown in oil demand growth, which can lower Brent's price.

Last week, the US-headquartered energy body reported a big draw of 5.9 million bbls in US crude oil inventories in its Weekly Statistical Bulletin, which tracks crude stock builds.

The broadly followed US government data on crude oil stockpiles from the US Energy Information Administration (EIA) is due later today.

By Aparupa Mazumder

Please get in touch with comments or additional info to news@engine.online