EIA reports another hike in US crude oil stocks

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

IMAGE: Crude oil storage facility. Getty Images

Commercial US crude oil inventories increased by 5.5 million bbls to 462 million bbls in the week ending 27 March, according to data from the EIA.

US refinery utilisation declined to 92.1% during the week, down from 92.9% previously.

Gasoline stocks decreased by around 600,000 bbls over the week, to approximately 241 million bbls, and distillate stocks moved about 2.1 million bbls lower to 118 million bbls.

By Aparupa Mazumder

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