In the week ended February 4, U.S. reserves decreased by 4.7 million barrels, while analysts had forecast an increase of 1.5 million barrels.
Commercial crude oil reserves in the United States recorded a surprise drop last week, according to figures released on Wednesday by the US Energy Information Agency (EIA).
In the week ended February 4, crude inventories fell by 4.7 million barrels to 410.4 million, while analysts had forecast an increase of 1.5 million barrels.
This publication whipped up the prices of black gold, which registered resolutely on the rise.
At about 1600 GMT, Brent North Sea crude for April delivery was up 1.12 percent at $91.80 a barrel. In New York, West Texas Intermediate (WTI) crude for March delivery was up 0.99 percent at $90.25 a barrel.
U.S. commercial crude reserves are now 11 percent below the five-year average over the same period, and have fallen to the lowest since 2018.
Another surprise was the contraction in gasoline inventories (-1.6 million barrels), while analysts also forecast an increase of 1.69 million barrels.
This double decline is due to a decrease in imports, an increase in exports and an acceleration in US demand.
Gasoline demand, in particular, jumped nearly 11 percent week-on-week and is 16 percent above its level a year ago.
The report also showed an increase in production in the United States, to 11.6 million barrels per day (bpd), up from 11.5 the previous week. However, it is still far below its level of two years ago (12.9 mb/d), before the start of the coronavirus pandemic.
Continuing a movement that began at the end of the summer, strategic reserves decreased by 1.4 million barrels to 587.5 million.