U.S. Crude Inventories Fall 3.1 Million Barrels, Far Exceeding Forecasts

U.S. crude oil inventories fell by 3.1 million barrels in the week ended October 16, the Energy Information Administration said Wednesday, extending a recent slump and far outpacing economist expectations of a 0.8 million-barrel draw. The larger-than-expected decline follows a steep 8.6 million-barrel drop the previous week. At 412.5 million barrels, crude stocks sit 3 percent below the five-year average for this time of year. Gasoline inventories also fell by 3.0 million barrels and are 5 percent below the five-year average, the EIA said. Distillate stocks, including heating oil and diesel, rose by 1.7 million barrels but remain 9 percent below the seasonal average.