The U.S. Energy Information Administration (EIA) reported Wednesday that crude inventories fell by 6.451 million barrels to 475.4 million barrels in the week ended August 4. Economists had forecast a decline of 2.8 million barrels.

At the same time, gasoline stocks rose by 3.424 million barrels to 231.1 million barrels, while analysts had expected a drop of 1.5 million barrels.

Distillate stocks reduced by 1.729 million barrels to 147.7 million barrels last week, while analysts had forecast a fall of 131,000 barrels.

Meanwhile, oil production in the U.S. reduced to 9.423 million barrels per day versus 9.430 million barrels per day in the previous week.

U.S. crude oil imports averaged about 7.8 million barrels per day last week, down by 491,000 barrels per day from the previous week.