API reports another stark rise in US crude stocks – Trading Economics

The US commercial crude inventories climbed by a whopping 7.17 million bbls in the week ended 16 February, according to the American Petroleum Institute (API) data cited by Trading Economics.

PHOTO: An oil refinery complex with the US flag. Getty Images

Meanwhile, oil market analysts projected a crude stock build of 4.3 million bbls.

This week’s inventory growth, as per the API data, marked the second highest level in three months, Trading Economics reported.

Last week, the US-headquartered body reported a massive build of 8.52 million bbls in US crude oil inventories in its Weekly Statistical Bulletin that tracks crude stock builds in the US. However, the US Energy Information Administration's (EIA) official data that came out later that day showed a crude stock build of 12 million bbls.

The broadly followed US official government data on crude oil stockpiles from the EIA is due later today.

Both the API and EIA data were delayed by a day due to the President’s Day holiday in the US.

By Aparupa Mazumder 

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