EIA reports a big drop 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 about 8 million bbls to 434 million bbls in the week ending 29 May, according to data from the EIA.

US refinery utilisation remained largely unchanged at 94.7% in the previous week.

Gasoline stocks increased by about 3.4 million bbls over the week to about 215 million bbls, and distillate stocks moved about 1.5 million bbls higher to 102.3 million bbls.

By Aparupa Mazumder

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