API reports an increase US crude stocks – Trading Economics

US crude oil inventories increased by 2.4 million bbls in the week ending 19 December, according to American Petroleum Institute (API) estimates cited by Trading Economics.

IMAGE: Crude oil storage tanks. Getty Images

The rise in US crude inventories marked the first build after four weeks of draws and followed the sharpest decrease since June in the previous week, according to data cited by Trading Economics.

A build in US crude stocks typically indicates lower demand for oil and can put some downward pressure on Brent's price.

The API reported “modest builds in US crude,” VANDA Insights’ founder Vandana Hari said, adding that the data is “unlikely to sway [oil market’s] sentiment.”

Last week, the API reported a 9.3 million-bbl draw in its Weekly Statistical Bulletin, which tracks changes in domestic crude supplies.

The official figures from the US Energy Information Administration (EIA) will be delayed on account of Christmas Day holiday.

By Aparupa Mazumder

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