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: Crude oil storage tanks. Getty Images
Commercial US crude oil inventories increased by 4.4 million bbls to 429 million bbls in the week ending 14 August, according to data from the EIA.
US refinery utilisation has moved higher to 97.2%, from the previous week’s 96.2%.
Gasoline stocks increased by 688,000 bbls over the week to 209.4 million bbls, while distillate stocks moved 1.5 million bbls lower to 105.6 million bbls.
By Aparupa Mazumder
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