The U.S. Energy Information Administration (EIA) reported on Wednesday that crude inventories decreased by 2.979 million barrels in the week ended August 20, following a decline of 3.234 million barrels in the previous week. Economists had forecast a draw of 2.683 million barrels.

At the same time, gasoline stocks fell by 2.242 million barrels, while analysts had expected a reduction of 1.557 million barrels. Distillate stocks rose by 0.645 million barrels, while analysts had forecast a drop of 0.271 million barrels.

Meanwhile, oil production in the U.S. remained unchanged at 11.400 million barrels a day.

U.S. crude oil imports averaged 6.2 million barrels per day last week, down by 193,000 barrels per day from the previous week.

FXStreet notes that Brent crude oil is rising sharply after finding support at its key rising 200-day moving average (DMA) at $63.81. Strategists at Credit Suisse now expect the black gold to surpass the $72.64 mark.

“Brent Crude Oil has fallen to test and successfully hold key 200-DMA support at $63.81 and our bias remains for this to stay a solid floor.” 

“Above $72.64 is needed to add weight to our view to ease the pressure off the 200-DMA for a recovery back to the top of the range at $76.38/77.84.”

FXStreet reports that according to strategists at Credit Suisse, the yellow metal recovery is expected to be capped at a cluster of resistances at $1800/1834, 

“Strength though now faces a test of a cluster of resistances including its 55 and 200-day averages and July and August highs at $1800/1834 and we expect this to cap the rebound and for the risk to lower again in the broader range. Only below $1671 though would mark a major top to mark an important change of trend lower. We would then see support at $1620/15 initially, then $1565/60.”