EIA reports a surge in US crude oil stocks

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

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

Commercial US crude oil inventories have surged by 3.8 million bbls to touch 419 million bbls for the week ending 27 June, according to data from the EIA.

US refinery utilisation has remained steady at 94.9%.

Gasoline stocks have grown by 4.2 million bbls over the week to 232 million bbls, while middle distillate stocks have moved 1.7 million bbls lower to 104 million bbls.

By Aparupa Mazumder

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