EIA reports a surge 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: Getty Images

Commercial US crude oil inventories have increased by 3.5 million bbls to 439 million bbls for the week ending 27 February, according to data from the EIA.

US refinery utilisation has moved higher to 89.2% during the week.

Gasoline stocks have decreased by 1.7 million bbls over the week, to around 253 million bbls, while distillate stocks have moved about 430,000 bbls higher to 121 million bbls.

By Aparupa Mazumder

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