US crude stocks rise unexpectedly

Front-month ICE Brent crude futures inched $0.15/bbl lower in the half hour after official weekly figures from the US Energy Information Administration (EIA) were released today.

PHOTO: Oil refinery complex with big American flag displayed, and fumes coming out from the chimney. Getty Images

Commercial US crude oil stocks increased by 718,000 bbls to 418.95 million bbls in the week ending 23 December. The stock build ran counter to the American Petroleum Institute's (API) earlier projection of a 1.3 million-bbl draw.

Volumes of crude released from strategic petroleum reserves (SPR) declined slightly on the week, from 3.64 million bbls to 3.49 million on 23 December.

Gasoline stocks fell by 3.10 million bbls on the week, which may signal stronger demand.

US refinery utilisation increased by 1.1 percentage points to a two-week high of 92%.

By Nithin Chandran

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