EIA reports an increase 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 increased by 3 million bbls to 411.4 million bbls in the week ending 3 July, according to data from the EIA.

US refinery utilisation has declined to 95.8%, from the previous week’s 96.6%.

Gasoline stocks decreased by about 1.9 million bbls over the week to 212.1 million bbls, while distillate stocks moved 5 million bbls lower to 103.6 million bbls.

By Shilpa Sharma

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