EIA reports a decline in US crude stocks

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

IMAGE: Oil pumpjacks. Getty Images

Commercial US crude oil inventories have decreased by 1.8 million bbls to 426 million bbls for the week ending 5 December, according to data from the EIA.

US refinery utilisation has remained largely unchanged at 94.5% during the week.

Gasoline stocks have increased by 6.4 million bbls over the week, to around 221 million bbls, and distillate stocks have moved 2.5 million bbls higher to 117 million bbls.

By Aparupa Mazumder

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