EIA reports a drop in US crude stocks

Brent crude’s price felt some upward pressure after the official weekly oil figures from the US Energy Information Administration (EIA) were released yesterday.

PHOTO: Crude oil barrels and the US flag. Getty Images

Commercial US crude oil inventories decreased by 2.3 million bbls to touch 430 million bbls for the week ending 21 February, according to data from the EIA.

US refinery utilisation rose by two percent points to 86.5%.

Gasoline stocks gained by 369,000 bbls over the week to 248 million bbls, and middle distillate stocks moved 3.9 million bbls higher to 120 million bbls.

By Aparupa Mazumder

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