The U.S. Energy Information Administration (EIA) revealed that crude inventories fell by 3.963 million barrels in the week ended May 3. Economists had forecast an increase of 1.900 million barrels.

At the same time, gasoline stocks declined by 0.596 million barrels, while analysts had expected a drop of 1.000 million barrels. Distillate stocks reduced by 0.159 million barrels, while analysts had forecast a decrease of 0.500 million barrels.

Meanwhile, oil production in the U.S. decreased by 100,000 barrels a day to 12.200 million barrels a day.

U.S. crude oil imports averaged 6.7 million barrels per day last week, down by 721,000 barrels per day from the previous week.