US crude oil inventories drop 3.06 million barrels

US crude oil inventories decreased by 3.06 million barrels to 412.5 million barrels during the week ended October 16, the US Energy Information Administration reported Wednesday.

The decline exceeded market expectations. Analysts surveyed had projected a draw of 820,000 barrels.

Gasoline inventories fell by 2.95 million barrels to 205.3 million barrels. This drop was larger than the anticipated decrease of 443,000 barrels.

Distillate stockpiles, which include diesel and heating oil, increased by 1.68 million barrels to 104.3 million barrels. Analysts had expected a reduction of 1.16 million barrels.

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