EIA reports a hike in US crude oil stocks

Brent crude’s price has felt some downward 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 increased by 3.8 million bbls to 443 million bbls in the week ending 6 March, according to data from the EIA.

US refinery utilisation rose to 90.8% during the week, up from 89.2% previously.

Gasoline stocks decreased by 3.7 million bbls over the week, to around 249 million bbls, and distillate stocks moved about 1.3 million bbls lower to 119 million bbls.

By Aparupa Mazumder

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