Brent jumps after US crude stockpiles drop

Front-month ICE Brent contract rose by $0.90/bbl in the first hour after the official weekly oil figures from the US Energy Information Administration (EIA) were released today.

PHOTO: Oil refinery and pipeline in the desert during sunset. Getty Images

Commercial crude oil inventories in the US dropped by 2.51 million bbls to 457 million bbls in the week ended 10 May.

Refinery crude runs also increased by 307,000 b/d, as the country's refinery utilisation rose by 1.9 percentage points to 90.4% last week.

Gasoline stocks dropped by 235,000 bbls on the week to 228 million bbls.

Distillate stocks, which include diesel and gasoil, dropped marginally by 45,000 bbls to 116 million bbls.

By Debarati Bhattacharjee

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