EIA reports a drop in US crude stocks

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

CONCEPT: An oil pump jack with the US flag in the background. Getty Images

Commercial US crude oil inventories decreased by 3.3 million bbls to touch 434 million bbls for the week ending 21 March, according to data from the EIA.

US refinery utilisation remained unchanged at 87%.

Gasoline stocks fell by about 1.4 million bbls over the week to 239 million bbls, and middle distillate stocks moved 400,000 bbls lower to 114 million bbls.

By Aparupa Mazumder

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