EIA reports a big hike in US crude oil stocks

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

IMAGE: Oil barrels. Getty Images

Commercial US crude oil inventories increased by 6.2 million bbls to 449 million bbls in the week ending 13 March, according to data from the EIA.

US refinery utilisation rose to 91.4% during the week, up from 90.8% previously.

Gasoline stocks decreased by 5.4 million bbls over the week, to around 244 million bbls, and distillate stocks moved about 2.5 million bbls lower to 117 million bbls.

By Aparupa Mazumder

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