U.S. Crude Oil Inventories Fall 1.9 Million Barrels, Exceeding Forecasts

U.S. crude oil inventories declined by more than expected in the week ended October 23, the Energy Information Administration reported Wednesday, signaling tighter supply conditions. The EIA said crude stockpiles fell by 1.9 million barrels last week, following a 3.1 million-barrel drawdown the prior week. Economists had anticipated a modest decline of 0.3 million barrels. At 410.6 million barrels, inventories sit 4 percent below the five-year average for this time of year. Distillate inventories, including heating oil and diesel, dipped by 1.5 million barrels and remain 10 percent below the five-year average. Gasoline inventories rose by 3.9 million barrels but are still 2 percent below the seasonal average.