U.S. crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 1.0 million bbl during the week ending Oct. 16 to 488.1 million bbl. However, inventories were still 10% above the five-year average for this time of year, according to a federal report.

WTI spot price

The weekly decline reflected continued light production amid an uneven demand recovery as the coronavirus pandemic continues to affect travel and, by extension, demand for fuels derived from oil.

The Energy Information Administration’s (EIA) Weekly Petroleum Status Report (WPSR) showed that domestic crude production averaged 9.9 million b/d during the covered week, down 600,000 b/d from the previous week’s total. It marked only the second time this year that production dipped below 10.0 million...