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U.S. commercial crude oil inventories fell more than expected, with distillate stockpiles also decreasing while gasoline inventories unexpectedly rose.
U.S. commercial crude oil inventories decreased by 8.6 million barrels to 415.6 million barrels in the week ending October 9, far exceeding the market's consensus expectation of a 288,000-barrel reduction, data from the U.S. Energy Information Administration (EIA) showed on Thursday. The sharp decline in crude oil inventories was mainly due to a plunge in production in the Gulf of Mexico caused by a hurricane. Meanwhile, gasoline inventories unexpectedly increased by 3.5 million barrels, while distillate fuel inventories decreased by 2.5 million barrels, a larger-than-expected drop, highlighting tighter supply.
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