US crude stocks rise unexpectedly

Front-month ICE Brent crude futures dropped $0.40/bbls in the first 15 minutes after the 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 inventories grew by 1.37 million bbls on the week, to 421.12 million bbls on 20 October, according to the EIA.

The weekly stock build ran counter to the American Petroleum Institute's (API) projection of a 2.67 million bbls draw a day earlier.

US refinery utilisation remained steady at 86% last week.

Gasoline stocks have gained by 156,000 bbls over the week, to 223 million bbls.

Distillate stocks, which include diesel and gasoil, dropped by 1.69 million bbls to 112 million bbls – the lowest since June this year.

By Debarati Bhattacharjee

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