API reports a surge in US crude stocks – Trading Economics

Crude oil inventories in the US surged by 3.34 million bbls in the week that ended 14 February, according to the American Petroleum Institute (API) estimates cited by Trading Economics.

PHOTO: Oil pump jacks with the US flag in the background. Getty Images

The API estimates came in “close to market expectations,” two analysts from ING Bank said.

Notably, a surge in US crude stocks can indicate a drop in oil demand, which can cap Brent's price rise.

Last week, the API reported a massive increase of 9.04 million bbls in US crude oil inventories in its Weekly Statistical Bulletin, which tracks crude stock builds.

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

By Aparupa Mazumder

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