EIA reports a massive hike in US crude oil stocks

Brent crude’s price has moved lower following the release of the US Energy Information Administration’s (EIA) weekly oil inventory report.

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

Commercial US crude oil inventories have increased by 16 million bbls to 436 million bbls for the week ending 20 February, according to data from the EIA.

US refinery utilisation has moved lower to 88.6% during the week.

Gasoline stocks have decreased by 1.01 million bbls over the week, to around 255 million bbls, while distillate stocks have moved 252,000 bbls higher to 120 million bbls.

By Aparupa Mazumder

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