API reports another surge in US crude stocks – Trading Economics

US commercial crude inventories gained 4.1 million bbls in the week ended 12 April, according to the American Petroleum Institute (API) data cited by Trading Economics.

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

This week’s data “marked the second straight week of increase in crude oil inventories and the biggest weekly gains in four weeks,” Trading Economics reported.

Oil market analysts were expecting a build of around 1.65 million bbls in the week.

"Crude oil inventories are reported to have increased by 4.09m [4.09 million] barrels over the week, which was more than the roughly 1.65m [1.65 million] barrels build the market was expecting," said analysts from ING Bank.

An increase in US crude stocks could limit Brent’s price gains as it indicates sluggish demand growth in the world’s top oil-consuming nation.

Last week, the US-headquartered body reported a rise of 3 million bbls in US crude oil inventories in its Weekly Statistical Bulletin that tracks crude stock builds in the US. The US Energy Information Administration's (EIA) official data that came out later that day showed a rise of 5.8 million bbls in crude stocks to 457 million bbls during the same time – its highest level since July last year.

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

By Aparupa Mazumder 

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