EIA reports a drop 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.

IMAGE: Oil barrels and the US flag. Getty Images

Commercial US crude oil inventories have decreased by about 2.8 million bbls to touch 440 million bbls for the week ending 23 May, according to data from the EIA.

US refinery utilisation remained largely unchanged at 90.2%.

Gasoline stocks fell by 2.4 million bbls over the week to 223 million bbls and middle distillate stocks moved 724,000 bbls lower to 103 million bbls.

By Aparupa Mazumder

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