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 declined by 7.2 million bbls to 404.5 million bbls in the week ending 24 July, according to data from the EIA.

US refinery utilisation moved higher to 97.2%, from the previous week’s 96.1%.

Gasoline stocks increased by about 700,000 bbls over the week to 211.3 million bbls, and distillate stocks moved 1.1 million bbls higher to 110.6 million bbls.

By Aparupa Mazumder

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