US Crude Inventories Fall by Over 3 Million Barrels, Lifting Oil Prices

Oil futures gained after the US Energy Information Administration reported commercial crude stockpiles dropped by 3.186 million barrels, or about 3.2 million barrels, to 424.1 million barrels for the week ending October 2. The draw defied market expectations of a 1.722 million barrel build and followed a private API report showing a 2.09 million barrel decline. Following the report, WTI crude traded up 0.54% at $89.92 per barrel and Brent crude gained 1.20% to reach $101.79 per barrel, even as gasoline inventories unexpectedly rose by roughly 400,000 barrels.