EIA reports another surge 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: An oil pump jack with the US flag in the background. Getty Images

Commercial US crude oil inventories increased by 6.9 million bbls to 456 million bbls in the week ending 20 March, according to data from the EIA.

US refinery utilisation rose to 92.9% during the week, up from 91.4% previously.

Gasoline stocks decreased by 2.6 million bbls over the week, to around 241 million bbls, while distillate stocks moved about 3 million bbls higher to 119 million bbls.

By Aparupa Mazumder

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