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, whilegasoline stocks
increased and distillate inventories fell, theEnergy 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 inthe Gulf of Mexico
during the reporting period," said John Kilduff, founding Partner at Again Capital LLC in New York. "That was part of thebig crude oil
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 benchmarkBrent
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....