Brent steady despite US crude stock draw

The front-month ICE Brent contract has remained steady in the first 30 minutes after the official weekly oil figures from the US Energy Information Administration (EIA) were released today.

PHOTO: Offshore oil drilling platform at sunset in Huntington Beach, California. Getty Images

Commercial crude oil inventories in the US declined by 1.43 million bbls to touch 422 million bbls for the week ending 6 December, according to data from EIA.

The country’s refinery utilisation dropped by 0.9 percentage points to 92.4%.

Gasoline stocks rose by 5.09 million bbls over the week to 220 million bbls, while middle distillate stocks rose by 3.24 million bbls to 121 million bbls.

By Debarati Bhattacharjee

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