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

Crude oil inventories in the US rose by 499,000 bbls in the week that ended 6 December, according to the American Petroleum Institute (API) estimates cited by Trading Economics.

PHOTO: An oil pumpjack with the US flag in the background. Getty Images

The latest data marked the “fifth week of built in the past eight weeks,” Trading Economics noted citing numbers from the API.

The weekly inventory rise contradicted market expectations of a 1.30 million-bbl draw during the week.

A surge in US crude stocks indicates a slowdown in oil demand growth, which can lower Brent's price.

Last week, the API reported a draw of 1.23 million bbls in US crude oil inventories in its Weekly Statistical Bulletin, which tracks crude stock builds.

The broadly followed US government data on crude oil stockpiles from the US Energy Information Administration (EIA) is due later today.

By Aparupa Mazumder

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