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.

IMAGE: Getty Images.

 Commercial US crude oil inventories have increased by 3.6 million bbls to 426 million bbls for the week ending 16 January, according to data from the EIA.

US refinery utilisation has fallen by two percentage points to touch 93.3% during the week.

Gasoline stocks have increased by 6 million bbls over the week, to around 257 million bbls, while distillate stocks have moved about 3.3 million bbls higher to around 133 million bbls.

By Gautamee Hazarika

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