The U.S. Energy Information Administration (EIA) reported on Wednesday
that crude inventories dropped by 0.515 million
barrels in the week ended October 0.515, following a surge of 5.474 million
barrels in the previous week. Economists had foreseen a gain of 2.300 million barrels.
At the same
time, gasoline stocks declined by 2.707 million barrels. Analysts had predicted a build of 0.600 million barrels. The previous week saw a rise
of 0.878 million barrels.
Elsewhere,
distillate stocks decreased by 0.977 million barrels. Analysts
had forecast a fall of 1.590 million barrels. The previous week witnessed a draw
of 1.140 million barrels.
Meanwhile, oil
production in the U.S. remained unchanged at 13.500 million barrels per day.
U.S. crude oil
imports averaged 6.0 million barrels per day last week,
logging a decrease of 456,000 barrels per day from the week before.