EIA reports a surprise drop in US crude oil stocks

Brent futures gained following the release of the US Energy Information Administration’s (EIA) official weekly oil inventory report.

IMAGE: Getty Images

Commercial US crude oil inventories have declined by 3.9 million bbls to touch 422 million bbls for the week ending 11 July, according to data from the EIA.

US refinery utilisation has dropped by about one percentage point to 93.9%.

Gasoline stocks have increased by about 3.4 million bbls over the week to 232.9 million bbls, and middle distillate stocks have moved 4.2 million bbls higher to 107 million bbls.

By Aparupa Mazumder

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