API reports another huge build in US crude inventories – Trading Economics

US crude oil inventories rose by 19.1 million bbls in the week ending 11 July, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

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This week’s build “marked the third straight weekly increase and pushed stockpiles to a record high,” Trading Economics noted.

Market analysts had expected a draw of 2 million bbls.

An increase in US crude stockpiles generally signals weaker demand and can drag Brent's price lower.

In the previous week, the API reported a 7.1 million-bbl build in US crude inventories in its Weekly Statistical Bulletin, which monitors changes in domestic crude stocks.

The widely watched official data from the US Energy Information Administration (EIA) is scheduled for release later today.

By Aparupa Mazumder

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