Brent rises amid US crude stock draw

The front-month ICE Brent contract rose 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: A large offshore oil drilling platform. Getty Images

Commercial crude oil inventories in the US declined by 934,000 bbls to touch 421 million bbls for the week ending 13 December, according to data from EIA.

The country’s refinery utilisation dropped by 0.6 percentage points to 91.8%.

Gasoline stocks rose by 2.35 million bbls over the week to 222 million bbls, while middle distillate stocks fell by 3.18 million bbls to 118 million bbls.

By Aparupa Mazumder

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