U.S. crude oil and distillate stocks dropped more than expected

Crude oil reserves dropped more than three times the level seen last week, as the Energy Information Administration (EIA) said on Wednesday. 

The EIA's weekly crude stockpile report showed a drop of 5.894 million barrels. This indicator exceeds analysts' forecasts, standing at 1.657 million barrels. 

The strategic petroleum reserve (SPR), being closely monitored by the U.S. government, shrank by 3.7 million barrels. Therefore, black gold reserves hit 378.6 million barrels, the lowest level since December 1983.

Gasoline inventories in the U.S., on the other hand, were up 2.53 million barrels, compared to the previous forecast that showed a mere 2.14 million barrels increase.

Distillate inventories slumped by 0.242 million barrels last week, even though experts predicted a 0.336 million barrel rise.