EIA reports a massive decline 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.

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Commercial US crude oil inventories decreased by 8.3 million bbls to 418.2 million bbls in the week ending 12 June, according to data from the EIA.

US refinery utilisation has moved higher to 96.7%, up from the previous week’s 95.3%.

Gasoline stocks decreased by about 906,000 bbls over the week to about 214.2 million bbls, while distillate stocks moved about 951,000 bbls higher to 103 million bbls.

By Aparupa Mazumder

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