API reports another hike in US crude stocks – Trading Economics

US crude oil inventories increased by 1.7 million bbls in the week ending 26 December, according to American Petroleum Institute (API) estimates cited by Trading Economics.

IMAGE: Getty Images

The rise in US crude inventories marked the second build after four weeks of draws, according to data cited by Trading Economics.

A rise in US crude stocks can indicate lower demand for oil and can put some downward pressure Brent's price.

Last week, the API reported a 2.4 million-bbl increase in its Weekly Statistical Bulletin, which tracks changes in domestic crude supplies.

The official figures from the US Energy Information Administration (EIA) will be out later today.

By Aparupa Mazumder

Please get in touch with comments or additional info to news@engine.online