The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories declined by 9.499 million barrels in the week ended July 5. Economists had forecast a fall of 2.900 million barrels.

At the same time, gasoline stocks decreased by 1.455 million barrels, while analysts had expected a drop of 2.000 million barrels. Distillate stocks rose by 3.729 million barrels, while analysts had forecast an increase of 0.800 million barrels.

Meanwhile, oil production in the U.S. increased by 100,000 barrels a day to 12.300 million barrels a day.

U.S. crude oil 7.3 million barrels per day last week, down by 284,000 barrels per day from the previous week.