Crude Oil Stockpiles Fall Sharply as Distillate Inventories Rise

U.S. crude oil stockpiles fell by 8.3 million barrels to 418.2 million barrels last week, according to data released by the U.S. Energy Information Administration (EIA). This represents a larger draw than expected by analysts.

The EIA also reported that crude stocks at the Cushing, Oklahoma, delivery hub decreased by 1.6 million barrels in the same period.

On the other hand, distillate inventories, which include diesel and heating oil, rose by 1 million barrels to 103.1 million barrels.

The news of declining U.S. crude oil stockpiles and increasing distillate inventories contributed to a surge in global oil prices, with Brent crude futures trading at $80.32 per barrel, up $1.36 from the previous day.