• U.S. commercial crude inventories fell by 4.5 million barrels for the week ended Oct. 13
  • Gasoline supplies declined by 2.4 million barrels
  • Distillate supplies decreased by 3.2 million barrels
  • Crude stocks at the Cushing, Okla., Nymex delivery hub fell by 800,000 barrels

Factuality Level: 8
Justification:

Noise Level: 8
Justification:

Financial Relevance: Yes
Financial Markets Impacted: The news article pertains to the energy market and specifically the oil industry. The report of a significant decline in U.S. crude inventories can impact oil prices and potentially affect oil companies and related industries.

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The news article does not describe any extreme event. It focuses on the report of U.S. crude inventories and its potential impact on oil prices and the energy market.

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According to the Energy Information Administration (EIA), U.S. crude, gasoline, and distillate supplies experienced significant declines last week. Crude inventories fell by 4.5 million barrels, surpassing analysts’ expectations of a small decline of 30,000 barrels. Gasoline supplies declined by 2.4 million barrels, while distillate supplies decreased by 3.2 million barrels. Additionally, crude stocks at the Cushing, Okla., Nymex delivery hub fell by 800,000 barrels. These supply declines have contributed to an increase in oil futures, with November West Texas Intermediate crude trading at $88.15 a barrel on the New York Mercantile Exchange.