EIA reports a rise in US crude stocks

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

CONCEPT: Oil pump jacks and the US flag pictured at dawn. Getty Images

Commercial US crude oil inventories increased by 1.7 million bbls to touch 437 million bbls for the week ending 14 March, according to data from the EIA.

US refinery utilisation remained unchanged at 86.9%.

Gasoline stocks fell by about 500,000 bbls over the week to 241 million bbls, and middle distillate stocks moved 2.8 million bbls lower to 115 million bbls.

By Aparupa Mazumder

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