EIA reports a decline in US crude oil stocks

Brent crude’s price felt some upward pressure after the weekly official US oil stocks figures from the US Energy Information Administration (EIA) were released yesterday.

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Commercial US crude oil inventories have decreased by about 4.3 million bbls to touch 436 million bbls for the week ending 30 May, according to data from the EIA.

US refinery utilisation gained by 3 percent points to 93.4%.

Gasoline stocks gained by 5.2 million bbls over the week to 228 million bbls and middle distillate stocks moved 4.2 million bbls higher to 108 million bbls.

By Aparupa Mazumder

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