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

US crude oil inventories fell by 610,000 bbls in the week ending 13 February, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

IMAGE: An oil pump jack with the US flag in the background. Getty Images

A drop in US crude stocks can indicate higher demand for oil and put some upward pressure on Brent's price.

The numbers were “mostly neutral,” VANDA Insights’ founder Vandana Hari said.

In the previous week, the API had reported a 13.4 million-bbl rise in its Weekly Statistical Bulletin, which tracks changes in domestic crude supplies.

Official inventory data from the US Energy Information Administration (EIA) will be released later today.

Both data sets are delayed by a day due to Presidents’ Day holiday.

By Aparupa Mazumder

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