Brent rises despite US crude stock build

The front-month ICE Brent contract increased by $1.18/bbl in the first 30 minutes after the official weekly oil figures from the US Energy Information Administration (EIA) were released today.

PHOTO: Oil pump jacks pictured at dusk. Getty Images

Commercial crude oil inventories in the US rose by 2.15 million bbls to touch 428 million bbls for the week ending 1 November, according to data from EIA.

The country’s refinery utilisation increased by 1.4 percentage points to 90.5%.

Gasoline stocks rose by 412,000 bbls over the week to 211 million bbls, and middle distillate stocks rose by 2.95 million bbls to 116 million bbls.

By Debarati Bhattacharjee

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