EIA reports another surge 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 have gained by 6.4 million bbls to 428 million bbls for the week ending 7 November, according to data from the EIA.

US refinery utilisation has risen by three percent points to touch 89.4% during the week.

Gasoline stocks have decreased by 945,000 bbls over the week, to around 205 million bbls, and distillate stocks have moved 637,000 bbls lower to around 111 million bbls.

By Aparupa Mazumder

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