The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories tumbled by 10.853 million barrels in the week ended July 19. Economists had forecast a fall of 4.261 million barrels.

At the same time, gasoline stocks decreased by 0.226 million barrels, while analysts had expected a drop of 1.421 million barrels. Distillate stocks rose by 0.613 million barrels, while analysts had forecast an increase of 0.895 million barrels.

Meanwhile, oil production in the U.S. decreased by 700,000 barrels a day to 11.300 million barrels a day.

U.S. crude oil imports averaged 7.0 million barrels per day last week, up by 196,000 barrels per day from the previous week.