EIA reports a big draw in US crude oil stocks

Brent crude’s price has felt some upward pressure following the release of the US Energy Information Administration’s (EIA) weekly oil inventory report.

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Commercial US crude oil inventories decreased by 6.2 million bbls to about 459.5 million bbls in the week ending 24 April, according to data from the EIA.

US refinery utilization increased to 89.6% during the week, slightly higher than last week’s 89.1%.

Gasoline stocks decreased by about 6.1 million bbls over the week to 222.3 million bbls, and distillate stocks moved about 4.5 million bbls lower to 103.6 million bbls.

By Aparupa Mazumder

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