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 decreased by 3.8 million bbls to 408.4 million bbls in the week ending 26 June, according to data from the EIA.

US refinery utilisation has inched higher to 96.6%, from the previous week’s 96.1%.

Gasoline stocks decreased by about 2.3 million bbls over the week to 214 million bbls, while distillate stocks moved 2.5 million bbls higher to 108.6 million bbls.

By Aparupa Mazumder

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