The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories plunged by 8.010 million barrels in the week ended January 1. Economists had forecast a decline of 2.133 million barrels.

At the same time, gasoline stocks surged by 4.519 million barrels, while analysts had expected a build of 1.525 million barrels. Distillate stocks climbed by 6.390 million barrels, while analysts had forecast a jump of 2309 million barrels.

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

U.S. crude oil imports averaged 5.4 million barrels per day last week, up by 43,000 barrels per day from the previous week.