Brent steady despite US crude stock build

The front-month ICE Brent contract increased by $0.02/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 545,000 bbls to touch 430 million bbls for the week ending 15 November, according to data from EIA.

The country’s refinery utilisation dropped by 1.2 percentage points to 90.2%.

Gasoline stocks rose by 2.05 million bbls over the week to 209 million bbls, while middle distillate stocks dropped 114,000 bbls to 114 million bbls.

By Debarati Bhattacharjee

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