Last week, US crude oil inventory fell and international oil prices rebounded strongly. WTI futures for December delivery on the New York Mercantile Exchange rose $1.49 to $55.97 a barrel, or 2.7%. Brent crude oil for December delivery rose $1.47 to close at $61.17 a barrel, or 2.5%.

U.S. crude oil inventories fell for the first time in six weeks, dropping 1.7 million barrels in the week ending October 18, the energy information administration reported Wednesday. According to S & P global Platts, analysts had expected an average increase of 4.7 million barrels in US crude inventories this week. On Tuesday, the American Petroleum Institute reported an increase of 4.45 million barrels in crude oil inventories this week, according to sources.

The EIA data also showed a 3.1 million barrel drop in gasoline inventories and a 2.7 million barrel drop in distillate stocks, including diesel and heating oil, for the week ended October 18. Analysts had expected an average reduction of 2 million barrels in gasoline and 3 million barrels in distillate stocks this week, according to a survey by standard & Poor's global Platts.