EIA reports a surge in US crude oil stocks

Brent crude’s price felt some downward pressure after the weekly official US oil stocks figures from the US Energy Information Administration (EIA) were released yesterday.

IMAGE: Silhouette of oil pumpjacks with the US flag on background of a sunset. Getty Images

Commercial US crude oil inventories have increased by 3.5 million bbls to touch 442 million bbls for the week ending 9 May, according to data from the EIA.

US refinery utilisation increased by one percent point to 90.2%.

Gasoline stocks fell by a little over 1 million bbls over the week to 225 million bbls and middle distillate stocks moved 3.2 million bbls lower to 104 million bbls.

By Aparupa Mazumder

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