The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories tumbled by 10.027 million barrels in the week ended August 23. Economists had forecast a drop of 2.850 million barrels.

At the same time, gasoline stocks reduced by 2.090 million barrels, while analysts had expected a decline of 0.400 million barrels. Distillate stocks fell by 2.063 million barrels, while analysts had forecast an increase of 1.400 million barrels.

Meanwhile, oil production in the U.S. increased by 200,000 barrels a day to 12.500 million barrels a day.

U.S. crude oil imports averaged 5.9 million barrels per day last week, down by 1,290,000 barrels per day from the previous week.