US crude oil and fuel inventories declined by 5.8 million barrels to 415.1 million barrels in the week ending June 15, as refining activity and fuel demand rose, the Energy Information Administration (EIA) reported.
Meanwhile, analysts surveyed by Reuters had forecast a decline of 797,000 barrels.
Crude stocks at the Cushing delivery hub fell by 464,000 barrels during the reporting period, the EIA added.
Analysts at Price Futures Group believe this week's gasoline demand has increased, and the substantial inventory drawdown should help stabilize the market following recent geopolitical shocks.
US refinery crude runs increased by 125,000 barrels per day, with capacity utilization rising 1.5 percentage points to 94.7%, hitting its highest level since July 2024, Reuters data showed.
Gasoline inventories fell by 2.1 million barrels to 227.9 million barrels, contrasting with analysts' expectations of a 381,000-barrel build-up reported by the news agency.
US net crude oil imports rose by 531,000 barrels per day, the EIA said.