API Reports Fourth Straight Crude Draw as Brent Slips Below $109

U.S. crude oil inventories fell by 4.93 million barrels in the week ending October 16, the American Petroleum Institute estimated, extending a sharp drawdown that follows an 11.12 million-barrel decline the prior week. Commercial crude stocks excluding the Strategic Petroleum Reserve have lost more than 56 million barrels over the last 27 weeks but remain only 5 million barrels below year-start levels, partly offset by SPR releases. About 300,000 barrels left the SPR in the week, trimming the reserve to 282.7 million barrels, far below its 714 million-barrel capacity and near the 250-300 million-barrel operational minimum. Brent crude traded down 0.54% at $108.96 on Wednesday afternoon, though up $3 per barrel week-over-week. WTI fell 2.63% to $101.79, up roughly $6 on the week. Gasoline stocks dropped 2 million barrels, distillates fell 2.6 million barrels, and Cushing gained 900,000 barrels.