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: An oil pump jack with the US flag in the background. Getty Images

Commercial US crude oil inventories increased by around 3 million bbls to 426.4 million bbls in the week ending 18 September, according to data from the EIA.

Refineries operated at 94% of their operable capacity during the week, lower than last week’s 96.8%.

Gasoline stocks decreased by 1.7 million bbls over the week to about 206 million bbls, and distillate stocks moved 428,000 bbls lower to about 107.4 million bbls.

By Aparupa Mazumder

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