EIA reports surge in US crude oil stocks

Brent futures dipped following the release of the US Energy Information Administration’s (EIA) official weekly oil inventory data.

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Commercial US crude oil inventories have surged by 7.1 million bbls to touch 426 million bbls for the week ending 4 July, according to data from the EIA.

US refinery utilisation has remained steady at 94.7%.

Gasoline stocks have decreased by about 2.7 million bbls over the week to 229.5 million bbls, while middle distillate stocks have moved 800,000 bbls lower to 102.8 million bbls.

By Shilpa Sharma

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