West Texas Intermediate crude prices find support as API data reveals a 2.031 million barrel draw in US inventories, extending a trend of supply tightening that has seen over 58 million barrels removed from commercial stocks in 28 weeks.
The API reported a 2.031 million barrel draw in US crude inventories for the week ending October 23, signaling a continued tightening of supply. This follows a significant 4.93 million barrel draw in the previous week, contributing to a cumulative loss of over 58 million barrels in commercial crude inventories over the last 28 weeks, which generally provides upward pressure on crude oil prices.
Crude oil inventories fell by 2.031 million barrels for the week ending October 23.
Commercial crude oil inventories excluding the SPR have decreased by more than 58 million barrels.
US crude oil inventories declined by 2.031 million barrels for the week ending October 23, according to the latest API report. This marks a continued tightening of supply, following a significant 4.93 million barrel draw in the previous week.
A draw in crude oil inventories typically signals tightening supply, which exerts upward pressure on oil prices.