EIA reports a rise 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 have increased by 2.8 million bbls to 427 million bbls for the week ending 21 November, according to data from the EIA.

US refinery utilisation has risen by two percent points to touch 92.3% during the week.

Gasoline stocks have increased by 2.5 million bbls over the week, to around 210 million bbls, and distillate stocks have moved about 1.1 million bbls higher to 112 million bbls.

By Aparupa Mazumder

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