EIA: US Commercial crude oil inventories decline by 1.72M, against expectations of a 1.38M increase
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The weekly report from the US Energy Information Administration (EIA) showed a decline in crude oil inventories of 1.725M against expectations of an increase by 1.38M during the week ending October 14. Cushing crude oil inventories rose by 583K and gasoline inventories by declined by 114K.
Crude oil prices remained steady after the report, holding onto to modest daily gains. The West Texas Intermediate (WTI – cash) rose to test the daily high around $83.40 and then pulled back toward $82.50.
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