US Oil Inventories Decline by 1 M Barrels

Crude oil inventories in the United States declined last week, according to data released by the US Energy Information Administration (EIA) on Wednesday.

The EIA weekly report showed that oil stockpiles decreased by one million barrels in the week that ended on October 16 to a total of 488.1 million barrels.

Distillate stockpiles decreased by 3.8 million barrels to 160.7 million barrels.

Meanwhile, gasoline inventories increased by 1.9 million barrels last week.

It is worth noting that data showed that production of crude oil in the US declined last week to 9.9 million barrels per day (b/d) from 10.5 million b/d in the week before.