Brent up despite US crude stock build

The front-month ICE Brent contract rose by $0.78/bbl in the first hour after the official weekly oil figures from the US Energy Information Administration (EIA) were released today.

PHOTO: Oil refinery complex with big American flag displayed, and fumes coming out from the chimney. Getty Images

Commercial crude oil inventories in the US increased by 5.81 million bbls to touch 423 million bbls on 4 October, according to data from EIA.

Crude oil stocks have increased for a second consecutive week.

The country’s refinery utilisation has declined by 0.90 percentage points to 87% - the lowest since March.

Gasoline stocks dropped by 6.30 million bbls over the week to 215 million bbls, and distillate stocks dropped by 3.12 million bbls to 119 million bbls.

By Nithin Chandran

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