API reports a surge in US crude inventories – Trading Economics

US crude oil inventories rose by 1.54 million bbls in the week ending 25 July, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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This week’s build was unexpected and surprised the market, Trading Economics noted.

Market analysts had expected a 2.5 million-bbl decline in the week.

A rise in US crude stocks can indicate lower demand for oil and put some downward pressure Brent's price.

In the previous week, the API reported a 577,000-bbl drop in US crude inventories in its Weekly Statistical Bulletin, which monitors changes in domestic crude stocks.

The widely watched official data from the US Energy Information Administration (EIA) is scheduled for release later today.

By Aparupa Mazumder

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