The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories plunged by 7.373 million barrels in the week ended July 31. Economists had forecast a decrease of 3.001 million barrels.

At the same time, gasoline stocks increased by 0.419 million barrels, while analysts had expected a decline of 0.170 million barrels. Distillate stocks climbed by 1.592 million barrels, while analysts had forecast a gain of 0.279 million barrels.

Meanwhile, oil production in the U.S. reduced by 100,000 barrels a day to 11.000 million barrels a day.

U.S. crude oil imports averaged 6.0 million barrels per day last week, increased by 0.9 million barrels per day from the previous week.