API Reports 4.93 Million Barrel U.S. Crude Stockpile Draw

U.S. commercial crude oil inventories dropped by 4.93 million barrels for the week ending October 16, according to the American Petroleum Institute, exceeding market expectations and extending the previous week's 11.12 million barrel draw. Refined products also fell, with gasoline inventories down 2.0 million barrels and distillates dropping 2.6 million barrels. The draw came alongside a 300,000-barrel release from the Strategic Petroleum Reserve, bringing it to 282.7 million barrels. U.S. crude production decreased by 300,000 barrels per day to 13.679 million bpd, while Cushing storage added 900,000 barrels ahead of official EIA data.