The U.S. Energy Information Administration (EIA) revealed that crude inventories fell by 3.862 million barrels in the week ended March 8. Economists had forecast an increase of 2.655 million barrels.

At the same time, gasoline stocks fell by 4.624 million barrels, while analysts had expected a drop of 2.532 million barrels. Distillate stocks climbed by 0.383 million barrels, while analysts had forecast a decrease of 1.8580 million barrels.

Meanwhile, oil production in the U.S. decreased by 100,000 barrels a day to 12.000 million barrels a day. 

U.S. crude oil imports averaged 6.7 million barrels per day last week, down by 255,000 barrels per day from the previous week.