US crude oil inventories drop 11.1 million barrels in private weekly survey

Oil prices climbed after the American Petroleum Institute reported a massive 11.12 million barrel draw in US crude stockpiles for the week ending October 9, defying market consensus estimates of a 1.9 million barrel build. Following the data, WTI crude advanced 0.98% to $95.75 per barrel and Brent crude reached $106.02 per barrel. Gasoline inventories rose by 1.1 million barrels, while distillate stocks decreased by 1.5 million barrels. Supplies at the Cushing storage hub climbed over 1.8 million barrels, and Strategic Petroleum Reserve levels held flat at 283 million barrels.