EIA reports decline 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.

IMAGE: Getty Images

Commercial US crude oil inventories have moved 961,000 bbls lower to 423 million bbls for the week ending 17 October, according to data from the EIA.

US refinery utilisation increased by three percent points to 88.6% during the week, from 85.7% earlier.

Gasoline stocks have decreased by 2.1 million bbls over the week, to around 217 million bbls, and distillate stocks have moved 1.5 million bbls lower to around 116 million bbls.

By Aparupa Mazumder

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