The U.S. Energy Information Administration released weekly report on domestic crude stock and production. Official data show that oil crude supplies in the country fell by 2.4 million barrels for the week ended October 29. Experts had expected a decline by of 1.4 million barrels, American Petroleum Institute had forecast a decrease of 5.1 million barrels.
Besides, according to the report, Inventories at Cushing, the delivery hub for NYMEX, fell by 90.000 barrels. Gasoline stockpiles dropped by 4 million barrels, while analysts had expected 1.5 million barrels drop. Distillate stockpiles fell by 300,000 barrels.
In the meanwhile, OPEC production for October fell by 80.000 barrels per day up to 32.78 million barrels per day. The production cutting deal was 92% implemented by OPEC and its partners. In September, the figure was 89%.
Oil prices continued growing. Brent increased up to $61.70 a barrel, WTI is $54.84 a barrel.