Brent price rose amid US crude stockpiles drop

The front-month ICE Brent contract increased by $0.67/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 515,000 bbls to touch 426 million bbls for the week ending 25 October, according to data from EIA.

The country’s refinery utilisation dropped by 0.4 percentage point to 89.1%.

Gasoline stocks dropped by 2.71 million bbls over the week to 211 million bbls, and distillate stocks dropped by 977,000 bbls to 113 million bbls – the lowest since December 2023.

By Debarati Bhattacharjee

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