API Reports Surprise 2.031 Million Barrel US Crude Inventory Draw

United States crude oil inventories declined by 2.031 million barrels for the week ending October 23, according to the American Petroleum Institute, defying consensus expectations of a build. The draw followed a 4.93 million barrel decline the prior week, bringing commercial crude losses to over 58 million barrels across 28 weeks. Domestic crude output dropped to 13.269 million barrels per day from 13.679 million barrels per day, while the Strategic Petroleum Reserve fell by 100,000 barrels to 282.6 million barrels. Despite the draw, WTI dropped 2.29% to $100.51 and Brent fell 1.35% to $114.25.