EIA reports another drop in US crude oil stocks

Brent crude’s price has felt some upward pressure following the release of the US Energy Information Administration’s (EIA) weekly oil inventory report.

IMAGE: An oil pump jack with the US flag in the background. Getty Images

Commercial US crude oil inventories decreased by around 640,000 bbls to 423 million bbls in the week ending 11 September, according to data from the EIA.

Refineries operated at 96.8% of their operable capacity during the week, lower than last week’s 97.8%.

Gasoline stocks increased by 794,000 bbls over the week to about 208 million bbls, and distillate stocks moved 1.6 million bbls higher to about 108 million bbls.

By Aparupa Mazumder

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