The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories fell by 4.2 million barrels to 537.1 million in the week to May 20.

Analysts had expected U.S. crude oil inventories to decline by 2.5 million barrels.

Gasoline inventories increased by 2.04 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, slid by 649,000 barrels.

U.S. crude oil imports decreased by 362,000 barrels per day.

Refineries in the U.S. were running at 89.7% of capacity, down from 90.5% the previous week.

Oil production fell to 8.767 million barrels a day last week from 8.791 million barrels a day in the previous week.