EIA reports a drop 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 1.7 million bbls to 409.7 million bbls in the week ending 10 July, according to data from the EIA.

US refinery utilisation has moved higher to 96.2%, from the previous week’s 95.8%.

Gasoline stocks decreased by about 1.5 million bbls over the week to 210.5 million bbls, while distillate stocks moved 4.6 million bbls higher to 108.2 million bbls.

By Aparupa Mazumder

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