The U.S. Energy Information Administration (EIA) reported on Wednesday that crude inventories plunged by 7.169 million barrels in the week ended August 27, following a decline of 2.979 million barrels in the previous week. Economists had forecast a decrease of 3.088 million barrels.

At the same time, gasoline stocks rose by 1.290 million barrels, while analysts had expected a fall of 1.633 million barrels. Distillate stocks reduced by 1.732 million barrels, while analysts had forecast a draw of 0.650 million barrels.

Meanwhile, oil production in the U.S. increased by 100,000 barrels a day to 11,500 million barrels a day.

U.S. crude oil imports averaged 6.3 million barrels per day last week, up by 183,000 barrels per day from the previous week.