EIA reports another rise 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: Getty Images

Commercial US crude oil inventories increased by 3.1 million bbls to 464.7 million bbls in the week ending 3 April, according to data from the EIA.

US refinery utilization remained largely unchanged at 92% during the week.

Gasoline stocks decreased by around 1.6 million bbls over the week, to 239.3 million bbls, and distillate stocks moved about 3.1 million bbls lower to 114.7 million bbls.

By Shilpa Sharma

Please get in touch with comments or additional info to news@engine.online