API reports a surge in US crude inventories – Trading Economics

US crude oil inventories gained by a massive 6 million bbls in the week ending 28 March, according to American Petroleum Institute (API) estimates cited by Trading Economics.

CONCEPT: Oil barrels on the US flag. Getty Images

The increase in crude stocks marked the “fifth inventory build in the last eight weeks,” according to Trading Economics.

A buildup in inventories typically signals weaker oil demand, which can put downward pressure on Brent's price.

Last week, the US-headquartered energy body reported a 4.6 million-bbl drop in US crude oil inventories in its Weekly Statistical Bulletin, which tracks crude stock changes in the US.

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

By Aparupa Mazumder

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