US crude oil inventories fall in latest week, DoE says

Gasoline stockpiles in the US registered an unexpected drop in the latest week, pressuring crude oil futures higher.

Commercial crude oil inventories in the US shrank by 3.0m b/d over the seven days ending on 30 September, to reach 499.7m barrels, according to the Energy Information Administration, the US Department of Energy's statistical arm.

In parallel, gasoline inventories grew by 200,000 barrels while those for distillates fell by 2.4m b/d.

Imports of oil slipped by 125,000 barrels per day in the latest week, while refineries operated at 88.3% of capacity, the EIA said.

As of 1602 BST front month Brent crude futures were higher by 1.97% to $51.89 per barrel on the ICE.