Breaking: U.S. oil inventories decline more than expected.

Data released by the U.S. Energy Information Administration on Wednesday showed positive results for U.S. oil inventories for the week ending November 6, as the figures were better than market expectations for the third consecutive week.

Oil inventories decreased by 1.425 million barrels during the past week, which was better than the estimates that indicated a decrease of only about 1.3 million barrels. This decline in U.S. oil inventories follows a previous drop of approximately 5.1 million barrels in crude oil inventories during the prior week.

During today’s trading, following the release of the data, spot prices for West Texas Intermediate crude rose by 1.44% to record $69.38 per barrel, while Brent crude gained 1.11% to reach $72.85 per barrel.

Markets are placing significant importance on U.S. oil inventory data due to its direct impact on crude oil prices. Additionally, changes in petroleum product prices have noticeable effects on inflation rates, as well as impacts on industries that heavily rely on crude oil.