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

US commercial crude inventories increased by a whopping 9.3 million bbls in the week ended 22 March, according to the American Petroleum Institute (API) data cited by Trading Economics.

PHOTO: An oil pump against the background of the US flag. Getty Images

Growing crude inventories can be an indication of sluggish demand growth in the world’s largest oil consuming nation. It can put downward pressure on Brent’s price.

“Crude oil inventories rose significantly, marking the largest weekly gain since mid-February 2023 and ending a two-week streak of declines,” Trading Economics reported.

Last week, the US-headquartered body reported a drop of 1.5 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 crude stock decline of 1.95 million bbls.

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

By Aparupa Mazumder 

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