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.

IMAGE: An oil pump jack with the US flag in the background. Getty Images

Commercial US crude oil inventories decreased by 900,000 bbls to 464 million bbls in the week ending 10 April, according to data from the EIA.

US refinery utilization declined to 89.6% during the week, lower than last week’s 92%.

Gasoline stocks decreased by 6.3 million bbls over the week, to about 233 million bbls, and distillate stocks moved about 3.1 million bbls lower to 112 million bbls.

By Aparupa Mazumder

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