Brent steady following US crude stock draw

The front-month ICE Brent contract inched $0.02/bbl lower in the first 30 minutes after the official weekly oil figures from the US Energy Information Administration (EIA) were released today.

PHOTO: An offshore oil drilling station off Huntington Beach, California. Getty Images

Commercial crude oil inventories in the US declined by 1.2 million bbls to touch 415 million bbls for the week ending 27 December, according to data from EIA.

The country’s refinery utilisation came in unchanged at 92.7%.

Gasoline stocks rose by 7.72 million bbls over the week to 231 million bbls, and middle distillate stocks gained by 6.40 million bbls to 122 million bbls.

By Aparupa Mazumder

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