API reports a spike in US crude stocks – Trading Economics

US commercial crude inventories jumped 3 million bbls in the week ended 5 April, according to the American Petroleum Institute (API) data cited by Trading Economics.

PHOTO: Oil barrels on the US flag. Getty Images

Oil market analysts were expecting an increase of 2.4 million bbls in the week, Trading Economics reported.

A surge in US crude inventories can cap Brent’s price gains as it indicates subdued demand growth in the world’s largest oil-consuming nation.

Last week, the US-headquartered body reported a decline of 2.3 million bbls in US crude oil inventories in its Weekly Statistical Bulletin that tracks crude stock builds in the US. The US Energy Information Administration's (EIA) official data that came out later that day showed a rise of 3.2 million bbls in crude stocks to 451 million bbls during the same time.

The broadly followed US government data on crude oil stockpiles from the EIA is due later today.

By Aparupa Mazumder 

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