EIA reports a decline 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 have decreased by 2.3 million bbls to 424 million bbls for the week ending 23 January, according to data from the EIA.

US refinery utilisation has fallen by two percentage points to touch about 91% during the week.

Gasoline stocks have increased by 223,000 bbls over the week, to around 257 million bbls, and distillate stocks have moved about 329,000 bbls higher to around 133 million bbls.

By Aparupa Mazumder

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