US Crude Stocks Drop 8.6 Million Barrels in Weekly EIA Report
EIA data showed a larger-than-expected crude draw, while gasoline inventories rose and U.S. oil production edged lower.
Key takeaways
- U.S. crude inventories fell 8.557 million barrels in the week ending October 9.
- Gasoline inventories rose 3.518 million barrels, while U.S. oil production averaged 13.7 million barrels per day.
U.S. crude inventories fell 8.557 million barrels in the week ending October 9, the Energy Information Administration reported. Analysts surveyed by Dow Jones Newswires had expected a 0.1 million-barrel increase, according to finanzen.net.
Commercial crude stocks stood at 415.6 million barrels, 3% above the five-year average, according to the EIA figures cited by OilPrice.com. Gasoline inventories rose 3.518 million barrels, against analysts’ expectations for a decline.
U.S. oil production averaged 13.7 million barrels per day, down 0.3 million barrels from the prior week, finanzen.net reported. As of 17:23 UTC, November crude futures traded at $96.55, up 2.82% since the previous close.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
