EIA reports an increase in US crude oil stocks

Brent crude’s price has moved lower following the release of the US Energy Information Administration’s (EIA) official weekly oil inventory report.

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Commercial US crude oil inventories have gained by 2.4 million bbls to touch 421 million bbls for the week ending 29 August, according to data from the EIA.

US refinery utilisation has remained largely unchanged at 94.3% during the week.

Gasoline stocks have decreased by 3.8 million bbls over the week to 219 million bbls, while middle distillate stocks have moved 1.7 million bbls higher to around 116 million bbls.

The EIA data was delayed by a day due to the US Labour Day holiday.

By Aparupa Mazumder

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