API reports a substantial drop in US crude stocks – Trading Economics

Commercial US crude inventories declined by 6.7 million bbls in the week ended 19 January, according to the American Petroleum Institute (API) data cited by Trading Economics.

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

Meanwhile, oil market analysts have projected a comparatively smaller crude stock drop of 3 million bbls.

This week’s drop in US crude stocks “marked the biggest fall in crude oil inventories since the last week of December,” Trading Economics reported.

Last week, the US-headquartered industry body reported a modest rise of 483,000 million bbls in the US crude oil inventories in its Weekly Statistical Bulletin that tracks crude stock builds in the US. However, the US Energy Information Administration's (EIA) official data that came out later showed that crude oil stocks dropped by 2.49 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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