Brent gains despite US crude stock build

Front-month ICE Brent crude futures rose by $0.29/bbl in the first hour after the official weekly oil 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 crude oil inventories in the US rose by 3.17 million bbls to 448 million bbls on 22 March, according to the EIA data.

The stock build was supported by a net increase in crude oil imports, which rose by 1.1 million b/d.

Refinery crude runs in the US rose by 147,000 b/d to hit their highest level in more than two months, as refinery utilisation increased by 0.9 percentage point to 88.7%.

Gasoline stocks rose by 1.30 million bbls over the week to 232 million bbls.

Distillate stocks, which include diesel and gasoil, fell by 1.19 million bbls to 117 million bbls.

By Debarati Bhattacharjee

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