Oil price declined by 0.22% to $85.22 in the global market.
The increase was traced to the increase in US crude inventories.
US commercial crude oil inventories increased by 3.59 million barrels over the week which leaves commercial crude oil inventories at 460.7 million barrels, the highest level since April.
ING reported in a note that crude input into refineries fell by 233,000 b/d week on week and refiners cut their utilisation rate by 1.3pp over the week.
“Despite lower refinery activity, gasoline stocks still increased by 2.65 million barrels. The gasoline demand was weaker over the period, falling 417,000 b/d week on week.”
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