The U.S. Energy Information Administration (EIA) reported on Thursday that crude inventories declined by 1.529 million barrels in the week ended September 3, following a drop of 7.169 million barrels in the previous week. Economists had forecast a fall of 4.612 million barrels.

At the same time, gasoline stocks plunged by 7.215 million barrels, while analysts had expected a decrease of 3.390 million barrels. Distillate stocks tumbled 3.142 million barrels, while analysts had forecast a decline of 2.617 million barrels.

Meanwhile, oil production in the U.S. plummeted 1.500 million barrels a day to 10.000 million barrels a day.

U.S. crude oil imports averaged 5.8 million barrels per day last week, decreased by 0.5 million barrels per day from the previous week. averaged 5.8 million barrels per day last week, decreased by 0.5 million barrels per day from the previous week.