Oil Remains Pressured as Fuel Stocks Surged

Total crude oil and petroleum products stocks fell for a 10th consecutive week, by -6.33 mmb to 1063.67 mmb in the week ended December 31. Crude oil inventory dropped -4.16 mmb, compared with consensus of a -2.00 mmb fall, to 335.3 mmb. Stockpiles declined in East Coast, Gulf Coast and West Coast but gained in Midwest and Rocky Mountain. Utilization rate climbed +0.2% to 88.0%.

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Oil Remains Pressured as Fuel Stocks Surged