The U.S.' crude oil inventories and production declined for the week ending Aug. 3, according to the Energy Information Administration data released on Wednesday.
Commercial crude oil stocks fell by 1.4 million barrels, or 0.3 percent, to 407.4 million barrels during that period.
The market expectation was a decline of 2.8 million barrels, while crude oil inventories rose by 3.8 million barrels the previous week.
Strategic petroleum reserves, which are not included in the commercial crude inventories, remained unchanged at 660 million barrels.
Gasoline inventories, on the other hand, rose by 2.9 million barrels, or 1.3 percent, to 233.9 million barrels for the week ending Aug. 3.
The market expectation for gasoline stocks was a decline of 1.7 million barrels, while they fell by 2.5 million barrels the week before.
- Crude output falls fourth time in 30 weeks
The U.S.' crude oil imports rose by 182,000 barrels per day (bpd) to 7.93 million bpd for the week ending Aug. 3, while exports of crude increased by 540,000 bpd to 1.85 million bpd.
Crude oil production in the U.S. fell by 96,000 bpd to 10.8 million bpd for the week ending Aug. 3. While crude output rose by 4,000 bpd in the state of Alaska, it fell by 100,000 bpd in the rest of the country, the EIA data showed.
This marked the fourth time that U.S. crude oil production decreased in the span of 30 weeks.
Crude oil production in the U.S. is expected to average 10.8 million bpd this year and 11.8 million bpd next year, according to the EIA's Short-Term Energy Outlook (STEO) report for July.
By Ovunc Kutlu in New York