EIA reports a big rise in US crude stocks

Brent crude’s price moved lower after the weekly official US oil stocks figures from the US Energy Information Administration (EIA) were released yesterday.

CONCEPT: Oil pumpjacks and the US flag with an upward arrow depicting crude stocks rise. Getty Images

Commercial US crude oil inventories gained by a massive 6.2 million bbls to touch 440 million bbls for the week ending 28 March, according to data from the EIA.

US refinery utilisation fell by one percent point to 86%.

Gasoline stocks fell by about 1.6 million bbls over the week to 238 million bbls, while middle distillate stocks moved about 264,000 bbls higher to 115 million bbls.

By Aparupa Mazumder

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