US crude stocks drop to the lowest level since September 2023

The front-month ICE Brent crude contract dropped by $1/bbl in the first hour after the official weekly oil figures from the US Energy Information Administration (EIA) were released today.

PHOTO: An oil pumpjack with the US flag in the background. Getty Images

Commercial crude oil inventories in the US dropped by 6.87 million bbls to touch 418 million bbls on 30 August, according to the US Energy Information Administration (EIA) released today.

The stock draw came amid lower crude oil imports, which dropped by 853,000 b/d, according to the EIA data.

Refinery crude runs rose by 36,000 b/d. However, the country's refinery utilisation remained steady at 93.3% last week.

Gasoline stocks rose by 848,000 bbls over the week to 219 million bbls. Meanwhile, the distillate stocks dropped by 371,000 bbls to 123 million bbls.

By Debarati Bhattacharjee

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