EIA reports big draw 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.

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Commercial US crude oil inventories decreased by a massive 7.9 million bbls to 445 million bbls in the week ending 15 May, according to data from the EIA.

US refinery utilisation remained largely unchanged at around 91.6% during the week.

Gasoline stocks decreased by about 1.5 million bbls over the week to about 214.2 million bbls, while distillate stocks moved about 372,000 bbls higher to 102.9 million bbls.

By Aparupa Mazumder

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