The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories plunged by 9.910 million barrels in the week ended January 22. Economists had forecast a build of 0.430 million barrels.

At the same time, gasoline stocks rose by 2.469 million barrels, while analysts had expected an advance of 1.764 million barrels. Distillate stocks dropped by 0.815 million barrels, while analysts had forecast a decrease of 0.361 million barrels.

Meanwhile, oil production in the U.S. reduced by 100,000 barrels a day to 10.900 million barrels a day.

U.S. crude oil imports averaged 5.1 million barrels per day last week, decreased by 1.0 million barrels per day from the previous week.