EIA reports a draw in US crude 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 have decreased by 3.8 million bbls to around 419 million bbls for the week ending 2 January, according to data from the EIA.

US refinery utilisation remains unchanged at 94.7% during the week.

Gasoline stocks have increased by 7.7 million bbls over the week, to around 242 million bbls, and distillate stocks have moved about 5.6 million bbls higher to 129 million bbls.

By Aparupa Mazumder

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