EIA reports a rise in US crude 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 have increased by 3.4 million bbls to around 422 million bbls for the week ending 9 January, according to data from the EIA.

US refinery utilisation has gained by one percent point to 95.3% during the week.

Gasoline stocks have increased by about 9 million bbls over the week, to around 251 million bbls, while distillate stocks have moved 29,000 bbls lower to 129 million bbls.

By Aparupa Mazumder

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