API reports a whopping rise in US crude stocks – Trading Economics

The US commercial crude inventories increased by 8.42 million bbls in the week ended 23 February, 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

This week’s inventory growth, as per the API data, marked the fourth consecutive week of rise, Trading Economics reported.

Last week, the US-headquartered body reported a massive build of 7.17 million bbls in 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 that day showed a crude stock build of 4 million bbls.

The broadly followed US official government data on crude oil stockpiles from the EIA is due later today.

By Aparupa Mazumder 

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