EIA reports a draw in US crude stocks

Brent crude’s price has gained some support 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 1.3 million bbls to 424.4 million bbls for the week ending 12 December, according to data from the EIA.

US refinery utilisation has remained largely unchanged at 94.8% during the week.

Gasoline stocks have increased by 4.8 million bbls over the week, to around 226 million bbls, and distillate stocks have moved 1.7 million bbls higher to 119 million bbls.

By Aparupa Mazumder

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