EIA reports increase 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: Oil barrels and the US flag. Getty Images

Commercial US crude oil inventories have increased by 574,000 bbls to 428 million bbls for the week ending 28 November, according to data from the EIA.

US refinery utilisation has risen by two percent points to touch 94.1% during the week.

Gasoline stocks have increased by 4.5 million bbls over the week, to around 214 million bbls, and distillate stocks have moved about 2 million bbls higher to 114 million bbls.

By Gautamee Hazarika

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