The latest US inventory data confirmed a tighter oil market, with crude stocks falling for a third straight week, while a Wall Street report said Elon Musk ordered a slowdown of military-grade Starlink service in Ukraine. Bitcoin climbed above $84,000 on renewed institutional buying, and Netflix warned investors with soft fourth-quarter guidance. Here is the latest from around the world.
US crude stocks fall for third straight week, EIA reports
The US Energy Information Administration said Wednesday that American crude oil inventories fell by 3.06 million barrels in the latest week, far more than the 0.82 million-barrel decline analysts expected, marking the third consecutive weekly draw. Gasoline stocks dropped by 2.95 million barrels, while distillates posted a surprise 1.68 million-barrel build and the Cushing hub added 0.9 million barrels. Prices held fairly steady after the release: West Texas Intermediate traded near $97.93 and Brent held around $110.40. Separately, the International Energy Agency noted that global diesel prices are now roughly double their pre-crisis levels, with the US average diesel price reported at $6.276 per gallon.
Musk ordered Starlink slowdown for Ukraine military, WSJ reports
The Wall Street Journal reported on Tuesday, citing US officials, that Elon Musk ordered a slowdown of the military-grade Starlink service that Ukraine's armed forces rely on. SpaceX and the White House did not respond to requests for comment, according to the report. The story marks a new twist in the long-running debate over the satellite network's role in the Ukraine conflict.
Bitcoin climbs above $84,000 as ETFs see second day of inflows
Bitcoin rose 2.5% to $84,536, crossing the $84,000 level analysts say it needs to hold before the Federal Reserve's October 27-28 meeting. US spot Bitcoin ETFs added $23.2 million on October 20, their second straight day of inflows, though October remains in net negative territory at minus $67 million. Ethereum ETFs continued to lose money, with $26.1 million in outflows pushing October's net outflow to $1.08 billion, the largest monthly outflow of 2026.
Netflix sinks on weak fourth-quarter guidance; Meta and Tesla report tonight
Netflix posted third-quarter earnings of $0.87 per share, beating the $0.82 consensus, on $12.87 billion in revenue. But its fourth-quarter forecast of $0.67 per share on $13.44 billion in revenue came in below expectations, and the stock fell 6% in premarket trading to its lowest level since mid-2024, down 25% so far this year. Investors now turn to Meta and Tesla, both due to report third-quarter results after the US market close tonight, around 1:00 AM Pakistan time on October 22.
Market snapshot
Bitcoin traded near $84,536, up 2.5% on the day and back above the closely watched $84,000 mark. Ether held around $2,455. In energy markets, US crude futures were near $97.93 with Brent at about $110.40 after the official inventory data showed the third straight weekly crude draw. There were no new China-US or UK tariff moves and no new exchange delisting announcements in this window.
