US crude stocks rise, refinery utilisation at multi-week high

Commercial US crude inventories grew by 1.55 million bbls on the week, to 480 million bbls on 10 March, according to the US Energy Information Administration (EIA) latest figures released today.

PHOTO: Oil refinery complex with big American flag displayed, and fumes coming out from the chimney. Getty Images

US refinery utilisation increased by 2.20 percentage points to a multi-week high of 88.2%. But utilisation is still lower than the 91% seen during the same period last year.

The weekly stock build was greater than the 1.15 million bbls build estimated by the American Petroleum Institute (API) yesterday.

Gasoline stocks fell for a fourth consecutive week, signalling stronger demand.

Distillate stocks - which include diesel and gasoil – declined by 2.54 million bbls on the week.

By Nithin Chandran

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