Oil closes 3% higher after US inventory data; Brent crosses $92

Oil drilling rigs

Oil prices closed higher today, Oct. 19, supported by a sudden drop in US inventories and amid developments related to crude demand.

Data from the US Energy Information Administration showed that oil inventories fell by 1.7 million barrels in the week ended Oct. 14, defying expectations of a 2.5 million barrels increase.

Gasoline stocks in the US also fell by 100,000 barrels, while data showed that demand for fuel derivatives for four weeks rose to the highest level since 2007.

Meanwhile, US President Joe Biden announced a plan to withdraw 15 million barrels from the strategic oil reserve, as part of efforts to control gasoline prices before the congressional elections.

In terms of trading, Brent crude rose 2.6%, or $2.38, to close at $92.41 a barrel. WTI crude gained 3.3%, or $2.73, to record $85.55 a barrel.