API reports a small draw in US crude inventories – Trading Economics

US crude oil inventories fell by 974,000 bbls in the week ending 22 August, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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The decline was “smaller than expected” as market analysts had projected a drawdown of 1.7 million bbls in the week, Trading Economics noted.

A drop in US crude stocks typically indicates higher demand and can lend some support to Brent's price.

Last week, the API reported a 2.4 million-bbl drop 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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