On Wednesday, industry group the American Petroleum Institute (API) data showed that the US crude oil and fuel stockpiles fell last week, with a steeper drop than expected.
In the week ended October 9, crude inventories slumped by 5.4 million barrels to around 495.4 million barrels. Analysts from a Reuters poll only expected a draw of 2.8 million barrels.
Crude stocks at the delivery hub in Cushing, Oklahoma, climbed by 2.2 million barrels. Refinery crude run sank by 601,000 bpd. The country’s crude imports jumped by 23,000 bpd in the period.
Gasoline inventories dipped by 1.5 million barrels, lighter compared to Reuters’ survey of a 1.6 million barrels slip. Distillate fuel stocks, including diesel and heating oil, went down by 3.9 million barrels, sharper than expectations for a draw of 2.1 million barrels.
