API reports another increase in US crude stocks – Trading Economics

Crude oil inventories in the US rose by about 2.9 million bbls in the week that ended 24 January, according to the American Petroleum Institute (API) estimates cited by Trading Economics.

PHOTO: An oil refinery installation in Southern California, adorned with a massive US flag. Getty Images

The latest data marked the second increase after five consecutive weeks of declines, Trading Economics noted.

Market participants were expecting a bigger build of about 3.7 million bbls in the week.

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

Last week, the API reported an increase of 1 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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