Brent Oil Steady at $83 after Pipeline Rumors

Data from the Energy Information Administration showed on Wednesday that crude inventories edged up 460,000 barrels in the week to Oct. 31, compared with analysts’ expectations for an increase of 2.2 million barrels.

Gasoline stocks fell 1.4 million barrels, compared with analysts’ expectations in a Reuters poll for a 380,000-barrels drop. Distillate stockpiles, which include diesel and heating oil, fell 724,000 barrels, versus expectations for a 1.8-million-barrel drop, the EIA data showed.

Oil prices jumped on the previous session as a fire broke out on Wednesday during repairs at an oil product pipeline north of the Saudi Arabian capital, Riyadh. The fire has been extinguished, state news agency SPA and security and industry sources said. The pipeline was carrying diesel, not crude oil, an industry source in the country said.


Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at Visit to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.