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 3.5 million bbls to 420.3 million bbls for the week ending 30 January, according to data from the EIA.

US refinery utilisation has edged down to 90.5% during the week.

Gasoline stocks have increased by 700,000 bbls over the week, to around 258 million bbls, and distillate stocks have moved 5.6 million bbls lower to 127.4 million bbls.

By Shilpa Sharma

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