Investing.com - Oil prices rose 1% on Wednesday after U.S. crude stockpiles fell by 10.84 million barrels last week, almost 3x the level forecast.
Analysts had forecast a stockpile draw of about 4 million barrels for the week to July 19 after a decline of 3.1 million barrels in the previous week.
The EIA report also showed that gasoline inventories decreased by 226,000 barrels, compared to expectations for a draw of 730,000 barrels. Distillate stockpiles rose by 613,00 barrels, compared to forecasts for a drop of 499,000 barrels.
New York-traded West Texas Intermediate crude rose 61 cents, or 1%, at $57.38 per barrel by 10:35 AM ET (14:35 GMT), five minutes after the release of the EIA stockpiles data.
London-traded Brent, the benchmark for oil outside of the U.S., rose 52 cents, or 0.8%, to $64.35.