Brent gains amid US crude stock decline

The front-month ICE Brent crude futures rose by $0.78/bbl in the first hour after the official weekly oil figures from the US Energy Information Administration (EIA) were released today.

PHOTO: Getty Images

Commercial crude oil inventories in the US dropped by 3.44 million bbls to 445 million bbls in the week ending 5 July.

Refinery crude runs rose by 317,000 b/d as the country's refinery utilisation increased by 1.9 percentage points to 95.4% last week.

Gasoline stocks dropped by 2.01 million bbls on the week to 230 million bbls – the lowest in six weeks.

Distillate stocks, which include diesel and gasoil, rose by 4.88 million bbls to 125 million bbls— the highest since February.

By Debarati Bhattacharjee

Please get in touch with comments or additional info to news@engine.online