EIA reports a decline in US crude oil stocks

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

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Commercial US crude oil inventories have dropped by 2.4 million bbls to touch 418 million bbls for the week ending 22 August, according to data from the EIA.

US refinery utilisation has declined by two percent points to reach 94.6% during the week.

Gasoline stocks have decreased by 1.2 million bbls over the week to 222 million bbls, and middle distillate stocks have moved 1.8 million bbls lower to around 114 million bbls.

By Aparupa Mazumder

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