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US oil stocks fall as gasoline rises
The U.S. Energy Information Administration announced that crude oil and distillate inventories in the country decreased for the week ending October 2, while gasoline supplies increased. Crude oil inventories fell by 3.2 million barrels to reach 424.1 million, compared to analysts' expectations of a 1.7 million barrel decline. Gasoline inventories rose by 0.4 million barrels to 204.7 million, while distillate inventories remained unchanged at 105.1 million barrels. Despite the decline in inventories, global oil prices increased amid a rise in refinery consumption rates and an increase in operational rates to 92.7%. The data also indicated that U.S. crude imports decreased by 53,000 barrels per day.
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