- US crude inventories fell 11.12 million barrels in the week ending October 9, per API estimates, after a 2.09 million barrel draw the week before.
- Commercial crude inventories excluding the SPR have lost more than 51 million barrels over 26 weeks, but remain roughly level with the start of the year.
- The SPR held 283 million barrels with no releases in the week ending October 9, and US production rose to 13.979 million bpd.
- WTI traded at $95.75, up nearly $6 per barrel from a week earlier, and Brent traded at $106.02.
- Indian shares ended lower as higher oil prices and foreign outflows weighed on investor appetite, per Reuters.
Quotes
“The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by a massive 11.12 million barrels in the week ending October 9.”