U.S. oil inventories for last week were better than expected.

Data released by the U.S. Energy Information Administration today, Thursday, showed a significant decline in U.S. oil inventory data for the week ending October 11, with the figures coming in better than market expectations.

According to the report, U.S. oil inventories fell by 2.2 million barrels in the past week, while forecasts had indicated an increase of about 1.8 million barrels. This decline follows a recorded increase of approximately 5.8 million barrels in U.S. crude oil inventories during the previous week.

In trading on Wednesday, U.S. crude oil spot prices rose by about 0.20% to record $70.80 per barrel, and this data is expected to have an impact on the remaining trading session.

Markets are paying close attention to U.S. oil inventory data due to its direct impact on crude oil prices. Additionally, fluctuations in petroleum product prices have noticeable effects on inflation rates, as well as on industries that heavily rely on oil.