The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories fell by 1.699 million barrels in the week ended October 18. Economists had forecast a gain of 3.000 million barrels.

At the same time, gasoline stocks declined by 3.107 million barrels, while analysts had expected a drop of 2.238 million barrels. Distillate stocks reduced by 2.715 million barrels, while analysts had forecast a decrease of 2.723 million barrels.

Meanwhile, oil production in the U.S. was unchanged at 12.600 million barrels a day.

U.S. crude oil imports averaged 5.9 million barrels per day last week, down by 438,000 barrels per day from the previous week.