EIA reports a rise in US crude oil stocks

Brent crude’s price felt some downward pressure after the weekly official US oil stocks figures from the US Energy Information Administration (EIA) were released yesterday.

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Commercial US crude oil inventories have increased by 1.3 million bbls to touch 443 million bbls for the week ending 16 May, according to data from the EIA.

US refinery utilisation remained largely unchanged at 90.7%.

Gasoline stocks gained by 816,000 bbls over the week to 226 million bbls and middle distillate stocks moved 579,000 bbls higher to 104 million bbls.

By Aparupa Mazumder

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