EIA reports a big draw in US crude oil stocks

Brent futures gained some support following the release of the US Energy Information Administration’s (EIA) official weekly oil inventory report.

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Commercial US crude oil inventories have dropped by 6 million bbls to touch 421 million bbls for the week ending 15 August, according to data from the EIA.

US refinery utilisation has remained largely unchanged at 96.6% during the week.

Gasoline stocks have decreased by 2.7 million bbls over the week to 224 million bbls, while middle distillate stocks have moved 2.3 million bbls higher to around 116 million bbls.

By Aparupa Mazumder

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