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: Night photograph of an oil refinery installation in Southern California, adorned with the US flag. Getty Images

Commercial US crude oil inventories increased by around 922,000 bbls to 427.3 million bbls in the week ending 25 September, according to data from the EIA.

Refineries operated at 92.5% of their operable capacity during the week, lower than last week’s 94%.

Gasoline stocks decreased by 1.7 million bbls over the week to about 204.4 million bbls, and distillate stocks moved 2.3 million bbls lower to about 105.2 million bbls.

By Aparupa Mazumder

Please get in touch with comments or additional info to news@engine.online