API reports an increase in US crude stocks – Trading Economics

Crude oil inventories in the US rose by 1 million bbls in the week that ended 17 January, according to the American Petroleum Institute (API) estimates cited by Trading Economics.

PHOTO: An oil pumpjack with the US flag in the background. Getty Images

The latest data marked the “first increase after five consecutive weeks of declines,” Trading Economics noted citing numbers from the API.

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

Last week, the API reported a draw of 2.6 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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