Crude, gasoline inventories fall

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On the New York Mercantile Exchange crude futures for December delivery rose 0.07% to $54.34 a barrel, while on London's Intercontinental Exchange, Brent gained 0.23% to $60.63 a barrel.

The EIA's Weekly Petroleum Status Report for the week-ended October 27 showed a 2.4 million bbl stock draw for crude oil.

The Energy Department said Wednesday that commercial crude inventories fell by 2.4 million barrels. Eleven analysts polled ahead of inventory reports from the industry group American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA) estimated, on average, that crude stocks were forecast to have fallen 1.8 million barrels in the week ended October 27.

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The ongoing surge in US crude exports comes as the widening spread between WTI crude and prices continued to increase global demand for USA crude.

US crude oil output fell to 9.2 million bpd in August from 9.23 million in July, according to the data. However, gasoline stocks declined by a more-than-expected 4.0 million bbl.

To note, one barrel equals 158,988 liters. Production has been in a range of 9.07 million bpd to 9.23 million since February, according to the data.

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