Brent steady despite US crude stock gain

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

PHOTO: Crude oil barrels along with the US flag. Getty Images

Commercial US crude oil inventories gained 3.5 million bbls to touch 415 million bbls for the week ending 24 January, according to data from the EIA.

The country’s refinery utilisation fell by two percentage points to 83.5%.

Gasoline stocks rose by 2.95 million bbls over the week to 248 million bbls, while middle distillate stocks declined by about 5 million bbls to 123 million bbls.

By Aparupa Mazumder

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