US: Crude Inventories Fall More Than Expected.

US crude oil inventories fell by 4.93 million barrels in the week ending October 16th, well above market expectations for a 1.3 million-barrel draw. This followed an 11.12 million-barrel decline in the previous week. Gasoline inventories fell by 2 million barrels, while distillate stocks dropped by 2.6 million barrels. Meanwhile, inventories at Cushing, Oklahoma, kept at the delivery hub for the WTI Crude futures contract, rose by 900,000 barrels, following an increase of 1.823 million barrels in the prior week. US oil production slipped to 13.679 million barrels per day in the week ending October 9th, down from 13.979 million barrels per day a week earlier.