EIA reports a rise in US crude stocks

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

PHOTO: Oil barrels painted as the flag of US. Getty Images

Commercial US crude oil inventories increased by 3.6 million bbls to touch 433.8 million bbls for the week ending 28 February, according to data from the EIA.

US refinery utilisation fell by around one percent point to 85.9%.

Gasoline stocks fell by 1.4 million bbls over the week to 247 million bbls, and middle distillate stocks moved 1.3 million bbls lower to 119 million bbls.

By Aparupa Mazumder

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