API reports an increase in US crude stocks – Trading Economics

Crude oil inventories in the US rose by 3.13 million bbls in the week that ended 1 November, according to the American Petroleum Institute (API) estimates cited by Trading Economics.

PHOTO: Oil barrels and pump jack along with the flag of the US. Getty Images

The latest data marked the “fifth gain in the last twelve weeks,” Trading Economics noted citing numbers from the API.

The weekly inventory gain exceeded market expectations of a 1.8 million-bbl rise during the week.

A rise in US crude stocks indicates a possible slowdown in oil demand growth, which can put downward pressure on Brent’s price.

Last week, the US-headquartered energy body reported a decline of 573,000 bbls in US crude oil inventories in its Weekly Statistical Bulletin that tracks crude stock builds in the US.

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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