EIA reports another rise in US crude oil stocks

Brent crude’s price has moved lower following the release of the US Energy Information Administration’s (EIA) official weekly oil inventory report.

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Commercial US crude oil inventories have gained by 3.9 million bbls to touch 425 million bbls for the week ending 5 September, according to data from the EIA.

US refinery utilisation has remained largely unchanged at 94.9% during the week.

Gasoline stocks have increased by 1.5 million bbls over the week to 220 million bbls, and middle distillate stocks have moved 4.7 million bbls higher to around 121 million bbls.

By Aparupa Mazumder

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