API reports another draw in US crude stocks – Trading Economics

US crude oil inventories recorded a decline of 765,000 bbls in the week ending 19 June, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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"Although the latest decline was smaller, commercial crude inventories have fallen by roughly 53 million barrels over the past ten weeks, while overall stockpiles remain just 2.1 million barrels below the start of the year due to continued releases from the Strategic Petroleum Reserve (SPR)," Trading Economics reported.

A fall in US crude stockpiles is generally seen as a sign of stronger oil demand and can provide upward support to Brent’s price.

The latest draw follows an 8.33 million-bbl decline in crude inventories the previous week, as outlined in the API’s Weekly Statistical Bulletin, which tracks changes in US domestic crude supplies.

Market participants are now awaiting official inventory figures from the US Energy Information Administration (EIA), which are scheduled for release later today.

By Aparupa Mazumder

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