Crude oil prices gain momentum after EIA data reveals a 3.2 million barrel inventory draw, tightening U.S. supply levels to 424.1 million barrels.
The EIA reported a 3.2 million barrel draw in U.S. crude inventories for the week ending October 2, signaling tightening supply conditions. This reduction brings total commercial stockpiles to 424.1 million barrels, a level that remains 1% above the five-year seasonal average, providing a bullish catalyst for oil prices.
Commercial stockpiles stood at 424.1 million barrels.
Current stockpiles are 1% above the five-year average for this time of year.
U.S. crude oil inventories fell by 3.2 million barrels for the week ending October 2, according to the latest EIA report. This draw brings total commercial stockpiles to 424.1 million barrels, positioning supply levels at 1% above the five-year seasonal average.
As of the week ending October 2, U.S. commercial crude oil inventories stand at 424.1 million barrels, which is 1% above the five-year average.