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.

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Commercial US crude oil inventories rose by 4.7 million bbls to 414.4 million bbls in the week ending 6 November, according to data from the EIA.

Refineries operated at 95.2% of their operable capacity during the week, higher than the previous week’s 94.5%.

Gasoline stocks increased by 1.8 million bbls over the week to about 210.8 million bbls, and distillate stocks moved 4.1 million bbls higher to about 103.3 million bbls.

By Aparupa Mazumder

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