US oil reserves drop more than expected

US oil reserves drop more than expected
Average oil production hiked to 9.3 million barrels per day in September

Mubasher: Data released by the US Energy Information Administration (EIA) on Thursday showed a drop in the oil reserves by 2.8 million barrels to 462.2 million barrels during the week ended on 6 October.

The decline was bigger than analysts' projections, as they estimated the drop at 1.9 million barrels.

Average oil production hiked to 9.3 million barrels per day (mbpd) during September, increasing by around 250,000 barrels per day, according to an economic report.

Gasoline stockpiles also grew by 2.5 million barrels during the same period, the report added.

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Source: Mubasher

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