The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories plunged by 7.990 million barrels in the week ended April 30, following a build of 0.090 million barrels in the previous week. Economists had forecast a drop of 2.346 million barrels.

At the same time, gasoline stocks rose 0.737 million barrels, while analysts had expected a decrease of 0.652 million barrels. Distillate stocks declined by 2.896 million barrels, while analysts had forecast a draw of 1.120 million barrels.

Meanwhile, oil production in the U.S. remained unchanged at 10.900 million barrels a day.

U.S. crude oil imports averaged 5.5 million barrels per day last week, decreased by 1.2 million barrels per day from the previous week.