API reports a rise in US crude stocks – Trading Economics

US crude oil inventories gained by 2.8 million bbls in the week ending 3 October, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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The build in crude stocks “reversed a three-week streak of declines and marked the largest weekly gain since early July,” according to Trading Economics.

Market analysts had expected a slightly lesser build of 2.3 million bbls.

A rise in US crude stocks typically indicates lower demand for oil and can put some downward pressure on Brent's price.

Last week, the API reported a 3.7 million-bbl decline 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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