EIA reports rise in US crude stocks

Oil prices felt some downward pressure after the official weekly oil figures from the US Energy Information Administration (EIA) were released yesterday.

PHOTO: The US flag painted on crude oil barrels. Getty Images

Commercial US crude oil inventories increased by 4.1 million bbls to touch 428 million bbls for the week ending 7 February, according to data from the EIA.

The build came despite a one percentage point increase in US refinery utilisation, which reached 85%.

Gasoline stocks fell by 3.03 million bbls over the week to 248 million bbls, while middle distillate stocks rose by about 135,000 bbls to 118 million bbls.

By Aparupa Mazumder

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