The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories fell by 1.632 million barrels in the week ended August 14. Economists had forecast a decrease of 2.670 million barrels.

At the same time, gasoline stocks dropped by 3.322 million barrels, while analysts had expected a decline of 1.057 million barrels. Distillate stocks increased by 0.152 million barrels, while analysts had forecast a drop of 0.557 million barrels.

Meanwhile, oil production in the U.S. remained unchanged at 10.700 million barrels a day.

U.S. crude oil imports averaged 5.7 million barrels per day last week, up by 109,000 barrels per day from the previous week.