API reports a surge in US crude stocks – Trading Economics

US crude oil inventories rose by 13.4 million bbls in the week ending 6 February, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

IMAGE: A pumpjack and oil refinery in Seminole, West Texas. Getty Images

The increase reversed an “11.1-million-barrel draw in the prior week, to mark the sharpest increase since January 2023,” according to data cited by Trading Economics.

A build in US crude stocks can signal softer demand and may place downward pressure on oil prices.

“The American Petroleum Institute’s stocks data for the week to February 6 was bearish,” said Vandana Hari, founder of VANDA Insights.

Official inventory data from the US Energy Information Administration (EIA) will be released later today.

By Tuhin Roy

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