Oil was up 2% today on the back of a big U.S. crude storage draw and continued Middle East tensions. The U.S. Energy Information Administration said energy firms pulled 4.5 million barrels of crude from stockpiles during the week ended October 13, 2023. Supplies declined 800,000 barrels at Cushing to its lowest level since October 2014, prompting concerns about the quality of oil remaining at the delivery point for U.S. oil futures. U.S. West Texas Intermediate crude rose $1.66 per barrel, to settle at $88.32 per barrel. Brent futures rose $1.60 per barrel, to settle at US$91.50/bbl. Distillate stockpiles fell by 3.2 million barrels week over week, while gasoline stocks fell by 2.4 million barrels week over week.