Brent drops despite US crude stock draw

The front-month ICE Brent contract dropped by $0.18/bbl in the first 30 minutes after the official weekly oil figures from the US Energy Information Administration (EIA) were released today.

PHOTO: An oil pumpjack with the US flag in the background. Getty Images

Commercial crude oil inventories in the US declined by 5.07 million bbls to touch 423 million bbls for the week ending 29 November, according to data from EIA.

The country’s refinery utilisation rose by 2.8 percentage points to 93.3%.

Gasoline stocks rose by 2.36 million bbls over the week to 215 million bbls, while middle distillate stocks rose by 3.38 million bbls to 118 million bbls.

By Debarati Bhattacharjee

Please get in touch with comments or additional info to news@engine.online