
The oil market is trading with marginal declines this morning as the API numbers released overnight were largely bearish for the oil market. The institute reported that US crude oil inventories increased by 9.04m barrels over the last week, compared to the market expectations of a build of 2.5m barrels. If confirmed by the Energy Information Administration (EIA), this would be the biggest inventory build in a year. On the other hand, API reported large product inventory draws, with gasoline and distillate stocks falling by 2.5m barrels and 0.6m barrels respectively. The more widely followed Energy Information Administration (EIA) report
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