US Crude Inventories Fall 3.1M Barrels, Below 5-Year Average

EIA reports a 3.1 million barrel draw in US crude inventories for the week ending October 16, bringing stockpiles to 412.5 million barrels, 3% below the five-year average. The draw is smaller than the API's preliminary 4.93 million barrel decline, suggesting some uncertainty in supply-demand balance. Continued inventory draws signal tightening physical oil markets, supporting crude prices.