US crude oil inventories decline by 1.9 million barrels
US commercial crude oil inventories fell by approximately 1.9 million barrels to 410.6 million barrels in the week ending October 23, according to the Energy Information Administration (EIA). The decline contrasted with market expectations for a slight increase, signaling a tighter-than-anticipated crude oil inventory balance.
Meanwhile, gasoline inventories rose by 3.9 million barrels, while distillate inventories declined by 1.5 million barrels. The unexpected draw in crude stocks could provide support for oil prices, although global demand expectations, OPEC+ production policy and geopolitical developments remain key drivers of the energy market.
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