EIA reports a massive surge in US crude oil stocks

Brent futures felt some downward pressure following the release of the US Energy Information Administration’s (EIA) official weekly oil inventory report.

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Commercial US crude oil inventories have risen by 7.7 million bbls to touch 427 million bbls for the week ending 25 July, according to data from the EIA.

US refinery utilisation has remained largely unchanged at 95.4%.

Gasoline stocks have decreased by 2.7 million bbls over the week to 228 million bbls, while middle distillate stocks have moved 3.6 million bbls higher to around 114 million bbls.

By Aparupa Mazumder

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