EIA reports another drop in US crude oil stocks

Brent crude’s price has moved higher after the weekly official US oil stocks figures from the US Energy Information Administration (EIA) were released yesterday.

IMAGE: Oil pumpjacks and the US flag. Getty Images

Commercial US crude oil inventories have plunged by about 5.8 million bbls to touch 415 million bbls for the week ending 20 June, according to data from the EIA.

US refinery utilisation has gained by two percentage points to 94.7%.

Gasoline stocks fell by about 2 million bbls over the week to 228 million bbls and middle distillate stocks moved 4 million bbls lower to 105 million bbls.

By Aparupa Mazumder

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