EIA reports a draw in US crude oil stocks

Brent futures felt some upward pressure 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 fallen by 3 million bbls to touch 424 million bbls for the week ending 1 August, according to data from the EIA.

US refinery utilisation has gained by two percent points to reach 96.9%.

Gasoline stocks have decreased by 1.3 million bbls over the week to 227 million bbls and middle distillate stocks have moved 565,000 bbls lower to around 113 million bbls.

By Aparupa Mazumder

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