EIA reports a draw 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 have declined by 3.4 million bbls to 424 million bbls for the week ending 14 November, according to data from the EIA.

US refinery utilisation has risen by one percent point to touch 90% during the week.

Gasoline stocks have increased by 2.3 million bbls over the week, to around 207 million bbls, and distillate stocks have moved about 200,000 bbls higher to a little over 111 million bbls.

By Aparupa Mazumder

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