Brent rises amid US crude stock drop

The front-month ICE Brent crude futures rose by $0.16/bbl in the first hour after the official weekly oil figures from the US Energy Information Administration (EIA) were released today.

PHOTO: An oil pumpjack with the US flag in the background. Getty Images

Commercial crude oil inventories in the US dropped by a massive 4.47 million bbls to touch 413 million bbls on 20 September, according to the US Energy Information Administration (EIA) released today.

Refinery crude runs dropped by 124,000 b/d as the country's refinery utilisation fell by 1.2 percentage points to 90.9% last week.

Gasoline stocks dropped by 1.54 million bbls over the week to 220 million bbls, and distillate stocks dropped by 2.23 million bbls to 123 million bbls.

By Debarati Bhattacharjee

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