EIA reports another rise in US crude stocks

Brent crude’s price felt some downward pressure after the official weekly oil figures from the US Energy Information Administration (EIA) were released yesterday.

PHOTO: An oil refinery installation in Southern California, adorned with the US flag. Getty Images

Commercial US crude oil inventories increased by 4.6 million bbls to touch 432 million bbls for the week ending 14 February, according to data from the EIA.

US refinery utilisation reached 84.9%, largely unchanged from the previous week.

Gasoline stocks fell by 151,000 bbls over the week to 247 million bbls, and middle distillate stocks declined by about 2.05 million bbls to 116 million bbls.

By Aparupa Mazumder

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