EIA reports a build 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.

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Commercial US crude oil inventories increased by 1.9 million bbls to about 466 million bbls in the week ending 17 April, according to data from the EIA.

US refinery utilization declined to 89.1% during the week, slightly lower than last week’s 89.6%.

Gasoline stocks decreased by 4.6 million bbls over the week, to about 228 million bbls, and distillate stocks moved about 3.4 million bbls lower to 108 million bbls.

By Aparupa Mazumder

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