The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories declined by 1.085 million barrels in the week ended June 28. Economists had forecast a fall of 3.000 million barrels.

At the same time, gasoline stocks decreased by 1.583 million barrels, while analysts had expected a drop of 2.400 million barrels. Distillate stocks rose by 1.408 million barrels, while analysts had forecast a decline of 1.250 million barrels.

Meanwhile, oil production in the U.S. increased by 100,000 barrels a day to 12.200 million barrels a day.

U.S. crude oil averaged 7.6 million barrels per day last week, up by 929,000 barrels per day from the previous week.