Brent drops despite US crude stock draw

The front-month ICE Brent contract lost $0.16/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 pump against the background of the US flag. Getty Images

Commercial US crude oil inventories declined by 958,000 bbls to touch 414 million bbls for the week ending 3 January, according to data from the EIA.

The country’s refinery utilisation gained 1 percentage point to 93.3%.

Gasoline stocks rose by 6.33 million bbls over the week to 237 million bbls, and middle distillate stocks gained by 6.07 million bbls to 128 million bbls.

By Aparupa Mazumder

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