Oil Inventories Drop in U S Gasoline Ma
The article discusses the decline in U.S. crude oil inventories by 4.9 million barrels for the week ending October 16, according to data from the American Petroleum Institute. Gasoline inventories decreased by about two million barrels, and distillate stocks fell by approximately 2.6 million barrels. Despite this, global oil prices have risen, with Brent crude futures increasing to $110 per barrel and West Texas Intermediate to $99. Amid concerns over supply in the Middle East and geopolitical tensions threatening oil infrastructure, these developments reflect a growing demand for fuel amid a climate of global unrest.
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