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.

IMAGE: An oil pump jack with the US flag in the background. Getty Images

Commercial US crude oil inventories decreased by 4.5 million bbls to 424.5 million bbls in the week ending 28 August, according to data from the EIA.

Refineries operated at 98% of their operable capacity during the week, up from last week’s 97.4%.

Gasoline stocks decreased by 1.2 million bbls over the week to 206 million bbls, and distillate stocks moved 796,000 bbls higher to 104.2 million bbls.

By Aparupa Mazumder

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