EIA reports a huge 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.

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Commercial US crude oil inventories decreased by 7.2 million bbls to 426.5 million bbls in the week ending 5 June, according to data from the EIA.

US refinery utilisation has moved higher to 95.3%, up from the previous week’s 94.7%.

Gasoline stocks increased by about 200,000 bbls over the week to about 215.1 million bbls, while distillate stocks moved about 200,000 bbls lower to 102.1 million bbls.

By Aparupa Mazumder

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