The U.S. Energy Information Administration (EIA) revealed that crude inventories tumbled by 9.589 million barrels in the week ended March 15. Economists had forecast an increase of 1.750 million barrels.

At the same time, gasoline stocks fell by 4.587 million barrels, while analysts had expected a drop of 2.500 million barrels. Distillate stocks declined by 4.127 million barrels, while analysts had forecast a decrease of 1.500 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 6.9 million barrels per day last week, up by 186,000 barrels per day from the previous week.