U.S. Crude Oil Inventories Show Surprise Drop

Crude oil inventories in the United States declined more than expected last week, the weekly report by the U.S. Energy Information Adminstration (EIA) showed on Wednesday.

Oil stockpiles in the U.S. fell by 9.91 million barrels, against market expectations of a 400,000-barrel increase.

Gasoline inventories increased by 2.47 million barrels last week, exceeding market expectations.

Meanwhile, distillate inventories decreased by 815,000 barrels, above the expected decline.