US Crude Stockpiles Decline for Fifth Straight Week as Oil Prices Slump

U.S. commercial crude oil inventories dropped by 865,000 barrels to 409.8 million barrels in the week ended October 30, marking a fifth consecutive weekly decline, the Energy Information Administration reported. Distillate stockpiles plunged by roughly 3.6 million barrels to their lowest level in more than 20 years, while gasoline stocks fell by 222,000 barrels. Total commercial petroleum inventories dropped by 8.2 million barrels. Despite the broad supply drawdowns and strong product demand, benchmark oil prices moved lower, with WTI dropping as low as $93.30 per barrel and Brent falling to $100.71 amid geopolitical and macroeconomic pressures.