The U.S. Energy Information Administration (EIA) reported on Wednesday that crude inventories plunged by 6.422 million barrels in the week ended September 10, following a draw of 1.529 million barrels in the previous week. Economists had forecast a drop of 3.903 million barrels.

At the same time, gasoline stocks fell by 1.858 million barrels, while analysts had expected a decrease of 1.957 million barrels. Distillate stocks declined 1.688 million barrels, while analysts had forecast a fall of 1.612 million barrels.

Meanwhile, oil production in the U.S. increased 100,000 barrels a day to 10.100 million barrels a day.

U.S. crude oil imports averaged 5.8 million barrels per day last week, down by 48,000 barrels per day from the previous week.

FXStreet reports that strategists at Credit Suisse suggest that Brent crude oil could surge above the $76.38/77.84 region.

“Brent Crude Oil extends its recovery after its recent successful hold of its key 200-DMA support at $65.78, and our bias remains for this to stay a solid floor.”

“A weekly close above $73.69/85 would see the downtrend from July broken, and recent highs cleared to add weight to our view that a floor is in place for a move back to the top of the range at $76.38/77.84 and higher in due course.”

FXStreet reports that gold (XAU/USD) remains entrenched in its range, but is capped at its July/August highs at $1832/34. Strategists at Credit Suisse suggest that a break below $1775 would lead to further falls.

“Gold extends its consolidation beneath the July and August highs at $1832/34. Below $1775 can reassert a negative bias again for a fall back to $1691.”

“Only a break above $1834 would be seen to complete an in-range base to clear the way for a deeper recovery to $1863, then $1917.”