The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories dropped by 7.998 million barrels in the week ended October 30. Economists had forecast a build of 0.890 million barrels.

At the same time, gasoline stocks increased by 1.541 million barrels, while analysts had expected a decline of 0.871 million barrels. Distillate stocks fell by 1.585 million barrels, while analysts had forecast a decrease of 2.023 million barrels.

Meanwhile, oil production in the U.S. plunged by 600,000 barrels a day to 10.500 million barrels a day.

U.S. crude oil imports averaged 5.0 million barrels per day last week, decreased by 0.6 million barrels per day from the previous week.