EIA reports a big draw in US crude oil stocks

Brent crude’s price has moved higher following the release of the US Energy Information Administration’s (EIA) weekly oil inventory report.

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Commercial US crude oil inventories have declined by 6.9 million bbls to 416 million bbls for the week ending 24 October, according to data from the EIA.

US refinery utilisation decreased by two percentage points to 86.6% during the week, from 88.6% earlier.

Gasoline stocks have decreased by 5.9 million bbls over the week, to around 211 million bbls, and distillate stocks have moved 3.4 million bbls lower to around 112 million bbls.

By Aparupa Mazumder

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