US crude inventories fall by 3.1 million barrels, exceeding analyst forecasts

U.S. commercial crude oil inventories dropped by roughly 3.1 million barrels to 412.5 million barrels in the week ended October 16, marking a third consecutive weekly decline and leaving reserves 3% below the five-year average. The Energy Information Administration drawdown substantially exceeded consensus forecasts, which had anticipated draws between 300,000 and 820,000 barrels. Gasoline stocks also fell by approximately 3 million barrels, while distillate inventories unexpectedly climbed by about 1.7 million barrels. Oil prices held relatively steady post-release, with WTI trading near $97.69 per barrel and Brent near $108.87.