The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories tumbled by 10.612 million barrels in the week ended July 24. Economists had forecast a gain of 0.357 million barrels.

At the same time, gasoline stocks increased by 0.654 million barrels, while analysts had expected a decline of 0.733 million barrels. Distillate stocks rose by 0.503 million barrels, while analysts had forecast a decrease of 0.267 million barrels.

Meanwhile, oil production in the U.S. remained unchanged at 11.100 million barrels a day.

U.S. crude oil imports averaged 5.1 million barrels per day last week, decreased by 0.8 million barrels per day from the previous week.