US Oil Inventories Fall Further As Demand Holds

Crude oil inventories in the United States saw a decrease of 900,000 barrels during the week ending October 30, according to new data from the U.S. Energy Information Administration EIA released on Wednesday.

The decrease brings commercial stockpiles to 409.8 million barrels, according to government data, which is now 4% below the five-year average for this time of year. Total commercial petroleum inventories slipped by 8.2 million barrels during the reporting period.

The EIA's data release follows API's figures that were released a day earlier, which reported that crude oil inventories had fallen by 5.267 million barrels in the period. Crude futures were trading down at 1009 a.m. in New York.