Brent broadly steady after unexpected US crude stocks build

Front-month ICE Brent crude futures inched $0.25/bbl higher in the half hour after official weekly figures from the US Energy Information Administration (EIA) were released today.

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

Commercial US crude oil stocks increased by 2.42 million bbls to 455.11 million bbls in the week to 2 February. The stock build ran counter to the American Petroleum Institute's (API) earlier projection of a 2.18 million-bbl draw.

US refinery utilisation increased by 2.20 percentage points to a six-week high of 87.9%. West Coast refinery utilisation jumped by nine percentage points to 82%, while East Coast utilisation fell to a four-week low of 90.8%.

Gasoline stocks gained for a fifth consecutive week, in a sign of weaker demand.

By Nithin Chandran

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