US commercial crude oil inventories fell by 1.6% in the week ending Oct. 24, according to data from the Energy Information Administration (EIA) released late Wednesday.
Stocks decreased by about 6.9 million barrels to 416 million, well below market expectations for a 900,000 barrel fall.
Strategic petroleum reserves, excluded from commercial inventories, grew by 500,000 barrels to 409.1 million.
While gasoline inventories declined, falling 5.9 million barrels to 210.7 million.
- Crude production rises
EIA data showed that US average crude oil production climbed by 15,000 barrels per day (bpd) to around 13.64 million bpd during the same week.
Imports decreased by 867,000 bpd to about 5.05 million bpd, while exports increased by 158,000 bpd to roughly 4.36 million bpd.
In its Short-Term Energy Outlook (STEO) released on Oct. 10, the EIA projected that US crude oil output would average 13.53 million bpd in 2025.
By Duygu Alhan
Anadolu Agency
energy@aa.com.tr