The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories fell by 4.512 million barrels in the week ended August 7. Economists had forecast a decrease of 2.875 million barrels.

At the same time, gasoline stocks dropped by 0.722 million barrels, while analysts had expected a decline of 0.674 million barrels. Distillate stocks decreased by 2.322 million barrels, while analysts had forecast a gain of 0.357 million barrels.

Meanwhile, oil production in the U.S. reduced by 300,000 barrels a day to 10.700 million barrels a day.

U.S. crude oil imports averaged 5.6 million barrels per day last week, down by 389,000 barrels per day from the previous week.