The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories declined by 0.75 million barrels to 502.0 million in the week to February 05.

Analysts had expected U.S. crude oil inventories to rise by 3.6 million barrels.

Gasoline inventories increased by 1.3 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, increased by 523,000 barrels.

U.S. crude oil imports dropped by 1.13 million barrels per day.

Refineries in the U.S. were running at 86.1% of capacity, down from 86.6% the previous week.