EIA: US Crude Inventories Fall 3.1M Barrels, Below 5-Year Average

The U.S. Energy Information Administration (EIA) reported a 3.1 million barrel drop in crude oil inventories for the week ending October 16, bringing commercial stockpiles to 412.5 million barrels. This figure is now 3% below the five-year average for this period, following earlier API data also indicating a significant decline. A sustained draw on US crude inventories could signal tighter supply, potentially pushing global oil prices higher, which might pressure the Pakistani Rupee and support local gold prices as an inflation hedge.

بحوالہ / Source: oilprice.com