EIA reports a draw in US crude 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.

IMAGE: The US flag along with barrels of crude oil. Getty Images

Commercial US crude oil inventories have declined by 2.7 million bbls to touch 440 million bbls for the week ending 25 April, according to data from the EIA.

US refinery utilisation remained largely unchanged at 88.6%.

Gasoline stocks fell by about 4 million bbls over the week to 226 million bbls, while middle distillate stocks moved about 937,000 bbls higher to 108 million bbls.

By Aparupa Mazumder

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