US Crude Stocks Fall 1.9 Million Barrels for Fourth Straight Week, EIA Reports

U.S. commercial crude oil inventories dropped by 1.9 million barrels to 410.6 million barrels in the week ended October 23, falling 4% below the five-year seasonal average. The fourth consecutive weekly decline defied expectations ranging from a 100,000-barrel drop to a 15,000-barrel build. Distillate stockpiles fell by 1.5 million barrels, while Cushing storage slipped by 624,000 barrels. However, gasoline inventories countered the draw with a 3.9 million-barrel build. Oil futures pushed higher on the data, with WTI crude advancing to $102.41 per barrel and Brent rising to $115.61 per barrel.