EIA reports another rise in US crude stocks

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

CONCEPT: The US flag painted on crude oil barrels. Getty Images

Commercial US crude oil inventories gained by 2.6 million bbls to touch 442 million bbls for the week ending 4 April, according to data from the EIA.

US refinery utilisation gained by one percentage point to 86.7%.

Gasoline stocks fell by about 1.6 million bbls over the week to 236 million bbls, and middle distillate stocks moved about 3.5 million bbls lower to 111 million bbls.

By Aparupa Mazumder

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