EIA reports massive rise 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 increased by a massive 17.4 million bbls to 424.4 million bbls in the week ending 7 August, according to data from the EIA.

US refinery utilisation has remained largely unchanged at 96.2%, slightly lower than the previous week’s 96.5%.

Gasoline stocks decreased by 968,000 bbls over the week to 208.7 million bbls, and distillate stocks moved 10,000 bbls lower to 107.1 million bbls.

By Aparupa Mazumder

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