EIA reports huge draw in US crude oil stocks

Brent crude’s price has felt some upward 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 decreased by around 8.6 million bbls to 415.6 million bbls in the week ending 9 October, according to data from the EIA.

Refineries operated at 93.5% of their operable capacity during the week, higher than last week’s 92.7%.

Gasoline stocks increased by 3.5 million bbls over the week to about 208.3 million bbls, while distillate stocks moved 2.5 million bbls lower to about 102.6 million bbls.

By Aparupa Mazumder

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