FX.co ★ US Crude Oil Inventories Fall for 5th Week

US crude oil inventories declined by 0.865 million barrels in the week ended October 30, marking the fifth straight weekly draw, after a 1.892 million-barrel decrease in the previous week. At the same time, crude stocks at the Cushing, Oklahoma delivery hub rose by 280,000 barrels, and refinery crude runs increased by 199,000 barrels per day. Distillate inventories, which include diesel and heating oil, fell by 3.565 million barrels, a much larger drop than the expected 100,000-barrel decline. Gasoline inventories also decreased, slipping by 0.222 million barrels. Meanwhile, net US crude imports increased by 1.179 million barrels per day.