EIA reports a massive draw in US crude oil stocks

Brent crude’s price has gained support 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 decreased by 9 million bbls to 420 million bbls for the week ending 13 February, according to data from the EIA.

US refinery utilisation has moved up to 91% during the week.

Gasoline stocks have decreased by 3.2 million bbls over the week, to around 256 million bbls, and distillate stocks have moved 4.6 million bbls lower to 120 million bbls.

By Aparupa Mazumder

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