EIA reports a rise in US crude oil stocks again

Brent crude’s price has come under 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 have risen by 3.5 million bbls to 424 million bbls for the week ending 10 October, according to data from the EIA.

US refinery utilisation decreased by seven percent points to 85.7% during the week, from 92.4% earlier.

Gasoline stocks have decreased by 300,000 bbls over the week to around 219 million bbls, and distillate stocks have moved 4.5 million bbls lower to around 117 million bbls.

By Aparupa Mazumder

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