US Crude Inventories Plunge by Up to 8.6 Million Barrels, EIA Reports

U.S. commercial crude oil inventories plunged by up to 8.557 million barrels for the week ending October 9, heavily outpacing expected draws and lowering total commercial stocks to 415.6 million barrels. Distillate stockpiles also fell by around 2.5 million barrels, remaining 12% below the five-year seasonal average. In contrast, gasoline inventories posted a surprise increase of 3.5 million barrels. Ahead of the data, WTI crude traded up $2.33 at $97.41 per barrel, later standing up 2.02% at $97.01, while Brent crude slipped 0.32% to $105.72 per barrel.