The U.S. Energy Information Administration (EIA) reported on Wednesday that crude inventories fell by 4.089 million barrels in the week ended July 23, following a build of 2.108 million barrels in the previous week. Economists had forecast a draw of 2.928 million barrels.

At the same time, gasoline stocks declined by 2.253 million barrels, while analysts had expected a fall of 0.916 million barrels. Distillate stocks dropped by 3.088 million barrels, while analysts had forecast a decrease of 0.435 million barrels.

Meanwhile, oil production in the U.S. reduced by 200,000 barrels a day to 11,200 million barrels a day.

U.S. crude oil imports averaged 6.5 million barrels per day last week, decreased by 0.6 million barrels per day from the previous week.