EIA reports an increase in US crude oil stocks

Brent crude’s price has come under downward pressure 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 risen by 1.8 million bbls to about 417 million bbls for the week ending 26 September, according to data from the EIA.

US refinery utilisation declined to 91.4% during the week from 93% earlier.

Gasoline stocks have increased by 4.1 million bbls over the week to around 221 million bbls, and distillate stocks have moved 600,000 bbls higher to around 124 million bbls.

By Shilpa Sharma

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