Commodities
US Crude Oil Stocks Rise Amid Brent Price Pressure
US crude oil stocks have seen a rise in recent weeks, according to data from the US Energy Information Administration (EIA). The EIA reported that commercial US crude oil inventories increased by 2.5 million bbls to 407 million bbls in the week ending July 31.
This increase comes as Brent crude's price has felt some downward pressure following the release of the weekly oil inventory report. US refinery utilisation moved lower to 96.5%, from the previous week's 97.2%.
The data also showed that gasoline stocks decreased by about 1.6 million bbls over the week to 210 million bbls, and distillate stocks moved 3.5 million bbls lower to 107.2 million bbls.