EIA reports a big draw in US crude oil stocks

Brent crude’s price has moved higher 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 declined by 9.3 million bbls to touch 415 million bbls for the week ending 12 September, according to data from the EIA.

US refinery utilisation dropped by 2 percent points to 93.3% during the week.

Gasoline stocks have decreased by 2.3 million bbls over the week to 218 million bbls, while middle distillate stocks have moved 4 million bbls higher to around 125 million bbls.

By Aparupa Mazumder

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