EIA reports a big draw in US crude oil stocks

Brent crude’s price has felt some upward pressure following the release of the US Energy Information Administration’s (EIA) weekly oil inventory report.

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Commercial US crude oil inventories decreased by 6.1 million bbls to 412.1 million bbls in the week ending 19 June, according to data from the EIA.

US refinery utilisation has inched lower to 96.1%, from the previous week’s 96.7%.

Gasoline stocks increased by about 2.1 million bbls over the week to 216.3 million bbls, and distillate stocks moved about 3.1 million bbls higher to 106.1 million bbls.

By Aparupa Mazumder

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