Brent broadly steady following US crude stock draw

The front-month ICE Brent contract inched $0.10/bbl lower in the first 30 minutes after the official weekly oil figures from the US Energy Information Administration (EIA) were released today.

PHOTO: Oil pump jacks with the US flag in the background. Getty Images

Commercial US crude oil inventories declined by 1.96 million bbls to touch 412 million bbls for the week ending 10 January, according to data from the EIA.

The country’s refinery utilisation fell 2 percentage points to 92.5%.

Gasoline stocks rose by 5.85 million bbls over the week to 243 million bbls, and middle distillate stocks gained by 3.07 million bbls to 132 million bbls.

By Aparupa Mazumder

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