U.S. crude oil stockpiles plunge last week amid storm

NEW YORK: U.S. crude oil stockpiles fell sharply last week, as a storm cut production in the U.S. Gulf of Mexico, while

gasoline stocks

increased and distillate inventories fell, the

Energy Information Administration

said on Wednesday.

Crude inventories fell by 8 million barrels in the week to Oct. 30, compared with analysts' expectations for an increase of 890,000 barrels.

"The decline in domestic production is mostly driven by the shut ins in

the Gulf of Mexico

during the reporting period," said John Kilduff, founding Partner at Again Capital LLC in New York. "That was part of the

big crude oil

draw down."

Crude production fell 600,000 barrels per day to 10.5 million bpd last week, the EIA said.

Stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures rose by 936,000 barrels, EIA said.

Futures traded higher with global benchmark


up $1 a barrel, or $2.52%, at $40.71, and U.S. crude 92 cents a barrel, or 2.7% higher at $38.58 by 11:33 a.m. EST (15:33 GMT).

Refinery crude runs rose by 164,0....

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