EIA reports an uptick in US crude stocks

Brent crude’s price remained steady after the official weekly oil figures from the US Energy Information Administration (EIA) were released yesterday.

PHOTO: A crude oil barrel and the US flag. Getty Images

Commercial US crude oil inventories increased by 1.4 million bbls to touch 435.2 million bbls for the week ending 7 March, according to data from the EIA.

US refinery utilisation gained by around one percentage point to 86.5%.

Gasoline stocks fell by a massive 5.7 million bbls over the week to 241 million bbls, and middle distillate stocks moved 1.6 million bbls lower to 118 million bbls.

By Aparupa Mazumder

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