EIA reports another 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: Oil pump jacks and the US flag. Getty Images

Commercial US crude oil inventories have declined by 3.2 million bbls to touch 419 million bbls for the week ending 18 July, according to data from the EIA.

US refinery utilisation has gained by two percentage points to 95.5%.

Gasoline stocks have decreased by 1.7 million bbls over the week to 231 million bbls, while middle distillate stocks have moved 2.9 million bbls higher to around 110 million bbls.

By Aparupa Mazumder

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