EIA reports a drop 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 decreased by 3.3 million bbls to 441.7 million bbls in the week ending 22 May, according to data from the EIA.

US refinery utilisation increased to 94.5% from 91.6% in the previous week.

Gasoline stocks decreased by about 2.6 million bbls over the week to about 211.6 million bbls, while distillate stocks moved about 2.1 million bbls lower to 100.8 million bbls.

By Shilpa Sharma

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