WTI crude oil prices gain momentum as EIA data confirms a 1.9 million barrel draw in U.S. inventories, pushing stockpiles further below the five-year average.
US crude oil inventories dropped by 1.9 million barrels for the week ending October 23, as reported by the EIA. This decline has pushed commercial stockpiles down to 410.6 million barrels, a level that is currently 4% below the five-year seasonal average, signaling a tightening supply environment that supports upward price pressure.
Commercial crude oil stockpiles were reported at 410.6 million barrels.
Current stockpiles are 4% below the five-year average for this time of year.
U.S. crude oil inventories fell by 1.9 million barrels for the week ending October 23, according to the latest EIA report. Commercial stockpiles now sit at 410.6 million barrels, marking a level 4% below the five-year seasonal average and tightening domestic supply.
The report showed a 1.9 million barrel decline in U.S. crude stocks, signaling tighter supply conditions that typically support higher oil prices.