On October 30, the U.S. Energy Information Administration (EIA) released its latest weekly oil status report.The report showed that crude oil inventories fell by 500,000 barrels last week, well below analysts 'expectations for an increase of 2.3 million barrels.Currently, crude oil inventory levels are about 4% below the five-year average for the same period.

The report also pointed out that overall gasoline inventories fell by 2.7 million barrels, a figure that analysts had expected would increase by 600,000 barrels.At the same time, diesel fuel inventories fell by 1 million barrels from the previous week.

In terms of imports, crude oil imports fell by 456,000 barrels per day, with an average of 6 million barrels per day.Crude oil imports have also remained at an average of 6 million barrels per day over the past four weeks.

In terms of strategic oil reserves, the United States continues to purchase additional oil to fill reserves, and reserves have increased from 384.6 million barrels to 385.8 million barrels.

Domestic crude oil production remained unchanged, maintaining a level of 13.5 million barrels per day.High-level domestic production has become a bearish catalyst in the oil market.

Affected by the EIA report, West Texas Intermediate crude oil (WTI) prices rose slightly and are currently trying to stabilize above US$68.30.Overall, some traders are preparing to bet on a rebound after the recent sell-off triggered by the decline in geopolitical premiums.

Brent crude stabilized above US$72.00 after the release of EIA data.Falling crude oil and gasoline inventories may provide additional support to the oil market today.