Brent prices drop after US crude stockpiles rise

Front-month ICE Brent crude futures dropped slightly by $0.06/bbl in the first hour after the official weekly oil figures from the US Energy Information Administration (EIA) were released today.

PHOTO: Oil refinery and pipeline in the desert during sunset. Getty Images

Commercial crude oil inventories in the US rose by 1.36 million bbls to 431 million bbls in the week ending 9 August, after dropping for six straight weeks.

Refinery crude runs rose by 65,000 b/d as the country's refinery utilisation grew by one percentage point to 91.1% last week.

Gasoline stocks dropped by 2.89 million bbls on the week to 222 million bbls – the lowest since November 2023.

Distillate stocks, which include diesel and gasoil, dropped by 1.67 million bbls to 126 million bbls.

By Debarati Bhattacharjee

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