Official Data: U.S. Crude Inventories Unexpectedly Fall

U.S. commercial crude oil inventories declined by 2.7 million barrels to 440.4 million for the week ending April 25, according to official EIA data, contradicting earlier expectations and industry reports of a build. The fall was attributed to increased refinery activity and higher exports. Gasoline stocks saw a sharp 4 million barrel drop, marking the ninth consecutive weekly decrease, while distillate inventories rose by about 900,000 barrels. Cushing, Oklahoma storage hub inventories increased by 682,000 barrels. The divergence between EIA and industry data highlights discrepancies in inventory reporting. The EIA's figures are considered more comprehensive and reliable for oil market assessments.