US crude stocks rise to the highest level since August

Commercial crude oil inventories in the US rose by 2.09 million bbls to touch 430 million bbls for the week ending 8 November, according to data from EIA released yesterday.

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

The country’s refinery utilisation increased by 0.9 percentage points to 91.4%.

Gasoline stocks dropped by 4.41 million bbls over the week to 207 million bbls, and middle distillate stocks dropped by 1.39 million bbls to 114 million bbls.

By Debarati Bhattacharjee

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