Brent drops despite US crude stock draw

The front-month ICE Brent contract dropped by $0.29/bbl in the first 30 minutes after the official weekly oil figures from the US Energy Information Administration (EIA) were released today.

PHOTO: Offshore oil drilling platform at sunset in Huntington Beach, California. Getty Images

Commercial crude oil inventories in the US were drawn by 1.84 million bbls to touch 428 million bbls for the week ending 22 November, according to data from EIA.

The country’s refinery utilisation rose by 0.3 percentage points to 90.5%.

Gasoline stocks rose by 3.31 million bbls over the week to 212 million bbls, while middle distillate stocks rose by 416,000 bbls to 115 million bbls.

By Debarati Bhattacharjee

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