Crude values recover on US crude inventory draw

Front-month ICE Brent has recovered from today’s low of $89.40/bbl, to $91.25/bbl at 16.00 GMT.

PHOTO: Crude values recover some losses after US crude oil inventories were drawn again. Getty Images

Commercial US crude stocks declined by 1.73 million bbls in the week to 14 October, Energy Information Administration (EIA) data showed today. The draw was bigger than the American Petroleum Institute’s earlier prediction of a 1.3 million-bbl drop.

The recent draw comes after the commercial crude stocks increased by a massive 9.88 million in the week to 7 October.

Releases from Strategic Petroleum Reserves (SPRs) accelerated to 3.56 million bbls, leaving 405 million bbls in storage.