API reports a rise in US crude stocks – Trading Economics

US crude oil inventories increased by 9 million bbls in the week ending 6 November, according to estimates from the American Petroleum Institute (API), as cited by Trading Economics.

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The inventory increase defied “market forecasts for a 1 million-barrel decline”, Trading Economics noted.

The latest build follows a 5.3 million-bbl decline in US crude inventories in the previous week, according to the API’s Weekly Statistical Bulletin, which monitors changes in US domestic crude supplies.

A rise in US crude stocks usually signals lower demand and can put downward pressure on Brent’s price.

The market is now awaiting official inventory data from the US Energy Information Administration (EIA), which is due to be released later today.

By Shilpa Sharma

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