EIA reports another drop in US crude oil stocks

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

IMAGE: A crude oil pumpjack with the US flag in the background. Getty Images

Commercial US crude oil inventories have declined by 2 million bbls to touch 438 million bbls for the week ending 2 May, according to data from the EIA.

US refinery utilisation remained largely unchanged at 89%.

Gasoline stocks inched 188,000 bbls higher over the week to 226 million bbls, while middle distillate stocks fell by 1.1 million bbls to 107 million bbls.

By Aparupa Mazumder

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