EIA reports a huge hike in US crude oil stocks

Brent crude’s price has felt some downward 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 gained by 5.2 million bbls to 421 million bbls for the week ending 31 October, according to data from the EIA.

US refinery utilisation remained largely unchanged at 86% during the week, from 86.6% earlier.

Gasoline stocks have decreased by 4.7 million bbls over the week, to around 206 million bbls, and distillate stocks have moved 643,000 bbls lower to around 112 million bbls.

By Aparupa Mazumder

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