FX.co ★ US Crude Oil Inventories Fall for 4th Week

US crude oil inventories declined by 1.892 million barrels in the week ended October 23, marking a fourth straight weekly drop after a 3.061 million-barrel draw the previous week. Stockpiles at the Cushing, Oklahoma, delivery hub also fell, down by 624,000 barrels, while refinery crude runs decreased by 123,000 barrels per day. Distillate inventories—which include diesel and heating oil—were reduced by 1.462 million barrels, a larger draw than the expected 900,000 barrels. By contrast, gasoline inventories rose by 3.87 million barrels. Over the same period, net US crude imports decreased by 796,000 barrels per day.