Mubasher: US oil stocks declined in the week that ended 19 October, contrary to expectations, giving another positive sign of a decrease in crude supplies in global markets.

According to the US Energy Information Administration (EIA) crude inventories went down by 553,000 barrels last week, compared to a 5.2 million barrel decline in the week before.

American oil stocks were expected to rise by around 1.7 million barrels last week.

Gasoline inventories fell by 1.96 million barrels, while distillate stockpiles, which include diesel and heating oil shrunk by 963,000 barrels.