EIA reports a rise 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.

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

Commercial US crude oil inventories increased by 2 million bbls to 411.7 million bbls in the week ending 17 July, according to data from the EIA.

US refinery utilisation remained largely unchanged at 96.1%, from the previous week’s 96.2%.

Gasoline stocks increased by about 800,000 bbls over the week to 211.3 million bbls, and distillate stocks moved 1.4 million bbls higher to 109.6 million bbls.

By Aparupa Mazumder

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