EIA reports a build in US crude oil stocks

Brent futures felt some downward pressure following the release of the US Energy Information Administration’s (EIA) official weekly oil inventory report.

IMAGE: Getty Images

Commercial US crude oil inventories have gained by 3 million bbls to touch 427 million bbls for the week ending 8 August, according to data from the EIA.

US refinery utilisation has remained largely unchanged at 96.4% during the week.

Gasoline stocks have decreased by 792,000 bbls over the week to 226 million bbls, while middle distillate stocks have moved 714,000 bbls higher to around 114 million bbls.

By Aparupa Mazumder

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