The U.S. Energy Information Administration (EIA) revealed that crude inventories tumbled by 8.647 million barrels in the week ended February 22. Economists had forecast an increase of 3.000 million barrels.

At the same time, gasoline stocks fell by 1.906 million barrels, while analysts had expected a drop of 1.250 million barrels. Distillate stocks reduced by 0.304 million barrels, while analysts had forecast a decrease of 2.000 million barrels.

Meanwhile, oil production in the U.S. increased by 100,000 barrels a day to 12.100 million barrels a day.

U.S. crude oil imports averaged 5.9 million barrels per day last week, down by 1,605,000 barrels per day from the previous week.