API Reports 5.27M Barrel US Crude Oil Stockpile Draw Defying Build Expectations

US crude oil inventories dropped by approximately 5.27 million barrels for the week ending October 30, according to the American Petroleum Institute. The substantial draw follows a decline of 2.031 million barrels the previous week and significantly diverged from expectations, which had projected a 1.9 million barrel build according to one survey and a modest 200,000 barrel draw in another. Gasoline inventories rose by roughly 1.43 million barrels, distillate stocks fell by 270,000 barrels, and Cushing storage built by 511,000 barrels. Front-month WTI crude traded near $96.09 to $97.24 per barrel.