The U.S. Energy Information Administration (EIA) revealed on Thursday that crude inventories plunged by 5.080 million barrels in the week ended May 28, following a drop of 1.662 million barrels in the previous week. Economists had forecast a draw of 2.443 million barrels.

At the same time, gasoline stocks rose by 1.500 million barrels, while analysts had expected a decline of 1.479 million barrels. Distillate stocks surged by 3.720 million barrels, while analysts had forecast a decrease of 1.479 million barrels.

Meanwhile, oil production in the U.S. decreased by 200,000 barrels a day to 10.800 million barrels a day.

U.S. crude oil imports averaged 5.6 million barrels per day last week, decreased by 0.6 million barrels per day from the previous week.