US Crude Inventories Fall Against Expectations

The American Petroleum Institute (API) reported a 2.031 million barrel decline in US crude oil inventories for the week ending October 23, surprising market analysts. This reduction follows a significant 4.93 million barrel drop in the preceding week. Despite recent draws, US inventories are only 7 million barrels below year-start levels, partly due to strategic reserve releases. This unexpected inventory draw could provide short-term support to crude oil prices, potentially influencing Pakistan's energy import costs.

بحوالہ / Source: oilprice.com