EIA data shows a 3.1 million barrel draw in US crude inventories, pushing stockpiles to 412.5 million barrels and tightening supply 3% below the five-year average.
The EIA reported a 3.1 million barrel draw in U.S. crude inventories for the week ending October 16, bringing total commercial stockpiles to 412.5 million barrels. This reduction places current inventory levels 3% below the five-year seasonal average, signaling a tightening supply-demand balance that typically supports higher oil prices.
Commercial stockpiles stood at 412.5 million barrels.
Current inventories are 3% below the five-year average for this time of year.
US crude oil inventories fell by 3.1 million barrels for the week ending October 16, according to the latest EIA report. Commercial stockpiles now sit at 412.5 million barrels, marking a level 3% below the five-year seasonal average.
As of the week ending October 16, US crude inventories decreased by 3.1 million barrels to a total of 412.5 million barrels, which is 3% below the five-year average.