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: Oil pumpjacks with the US flag in the background. Getty Images

Commercial US crude oil inventories increased by 2.5 million bbls to 407 million bbls in the week ending 31 July, according to data from the EIA.

US refinery utilisation moved lower to 96.5%, from the previous week’s 97.2%.

Gasoline stocks decreased by about 1.6 million bbls over the week to 210 million bbls, and distillate stocks moved 3.5 million bbls lower to 107.2 million bbls.

By Aparupa Mazumder

Please get in touch with comments or additional info to news@engine.online