The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories fell by 7.493 million barrels in the week ended July 10. Economists had forecast a decrease of 2.275 million barrels.

At the same time, gasoline stocks dropped by 3.147 million barrels, while analysts had expected a decline of 0.643 million barrels. Distillate stocks decreased by 0.453 million barrels, while analysts had forecast a build of 1.485 million barrels.

Meanwhile, oil production in the U.S. remained unchanged at 11.000 million barrels a day.

U.S. crude oil imports averaged 5.6 million barrels per day last week, decreased by 1.8 million barrels per day from the previous week.