US Crude Inventories Fall by 8.6 Million Barrels, Supporting Oil Prices

The U.S. Energy Information Administration (EIA) reported a significant draw of 8.6 million barrels in crude oil inventories for the week ending October 9. This reduction brings commercial stockpiles to 415.6 million barrels, though still 3% above the five-year average. The data follows a larger drawdown reported by API a day earlier. This substantial inventory drop could exert upward pressure on international crude oil prices, potentially influencing global inflation expectations and the cost of imports for Pakistan, which might indirectly affect the Pakistani Rupee and investor sentiment towards gold.

بحوالہ / Source: oilprice.com