EIA reports a massive surge in US crude oil stocks

Brent crude’s price has come under 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 have increased by 8.5 million bbls to 428.8 million bbls for the week ending 6 February, according to data from the EIA.

US refinery utilisation has edged down to 89.4% during the week.

Gasoline stocks have increased by 1.2 million bbls over the week, to around 259 million bbls, while distillate stocks have moved 2.7 million bbls lower to 124.7 million bbls.

By Aparupa Mazumder

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