Brent drops despite US crude stock draw

The front-month ICE Brent contract dropped by $0.20/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 a refinery in the background. Getty Images

Commercial crude oil inventories in the US dropped by 2.19 million bbls to touch 421 million bbls on 11 October, according to data from EIA.

The country’s refinery utilisation has increased by 1 percentage point to 88%.

Gasoline stocks dropped by 2.2 million bbls over the week to 213 million bbls – the lowest since November 2022, and distillate stocks dropped by 3.53 million bbls to 115 million bbls – the lowest since April.

By Debarati Bhattacharjee

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