U.S. crude oil inventories fall by 5.27 million barrels

Markets had expected an increase of approximately 880,000 barrels, making the sharp drawdown particularly notable. Despite the decline in inventories, oil prices fell on the morning of November 4 amid diplomatic developments in the Middle East. Brent crude futures dropped 0.25% to $103.34 per barrel, while West Texas Intermediate (WTI) crude declined 0.55% to $95.56 per barrel.

The decline in oil prices was driven by diplomatic efforts aimed at ending hostilities between the United States and Iran, alongside expectations that global supply risks could ease. According to API data, gasoline inventories increased by 1.43 million barrels, while distillate inventories fell by 1.19 million barrels. Investors are now focused on the official oil inventory report from the U.S. Energy Information Administration (EIA), scheduled for release today at 6:30 p.m. Türkiye time. The figures will be closely monitored for insights into U.S. oil demand and supply conditions.