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

US crude oil inventories rose by 680,000 bbls in the week ending 27 June, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

IMAGE: Oil pumpjacks along with the US flag. Getty Images

This week’s build “broke a four-week streak of declines and surprised markets,” Trading Economics noted.

Market analysts expected a draw of 2.26 million bbls.

An increase in US crude stockpiles generally signals weaker demand and can dampen Brent's price.

In the previous week, the API reported a 4.28 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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