EIA reports a draw 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 4.3 million bbls to 452.9 million bbls in the week ending 8 May, according to data from the EIA.

US refinery utilisation increased to 91.7% during the week, higher than last week’s 90.1%.

Gasoline stocks decreased by about 4.1 million bbls over the week to about 215.7 million bbls, and distillate stocks moved about 200,000 bbls higher to 102.5 million bbls.

By Aparupa Mazumder

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