U.S. Commercial Crude Oil Inventories Decrease by 5.3 Million Barrels
According to data from the American Petroleum Institute (API), U.S. commercial crude oil stockpiles saw a significant draw of approximately 5.27 million barrels for the week ending October 30. This follows a smaller decline of 2 million barrels in the preceding week, indicating an acceleration in inventory depletion. While crude supplies tightened, gasoline inventories reportedly showed a build during the same period. These fluctuations in petroleum products provide critical insight into domestic demand and supply dynamics within the energy sector.