API reports another spike in US crude stocks – Trading Economics

Crude oil inventories in the US surged by 9.04 million bbls in the week that ended 7 February, according to the American Petroleum Institute (API) estimates cited by Trading Economics.

PHOTO: Oil barrels. Getty Images

The latest data marked the fourth consecutive week of inventory rise and the “largest weekly gain since March,” Trading Economics noted.

Market participants were expecting a significantly smaller build of about 2.8 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 5.02 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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