The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories declined by 6.81 million barrels to 470.6 million in the week to June 05. It was the sixth consecutive weekly decline, and the biggest weekly drop since July 2014.

Analysts had expected a decline of 1.7 million barrels.

Gasoline inventories were down by 2.9 million barrels last week, according to the EIA.

U.S. oil production climbed to 9.6 million barrels a day.

Crude stocks at the Cushing, Oklahoma, decreased by 1,024 million barrels.

U.S. crude oil imports declined by 750,000 barrels per day to 6.93 million barrels per day.

Refineries in the U.S. were running at 94.6% of capacity, down from 93.2% the previous week.