U.S. crude oil inventories unexpectedly fell by 913,000 barrels to 463.8 million barrels for the week ending April 10, contrary to analyst expectations.

Data released by the Energy Information Administration (EIA) on Wednesday showed that U.S. crude stocks declined for the first time in eight weeks, influenced by a rebound in exports and a sequential drop in imports. The EIA reported that commercial crude inventories, excluding the Strategic Petroleum Reserve (SPR), decreased by 913,000 barrels to 463.8 million barrels, standing about 1% above the five-year average for this time of year. Analysts had previously forecast a 900,000-barrel increase.

As the U.S. Department of Energy further released emergency reserves in response to export disruptions in the Strait of Hormuz due to conflict in the Persian Gulf, the Strategic Petroleum Reserve (SPR) fell by 4.1 million barrels to 409.2 million barrels. Crude stocks at the Cushing, Oklahoma delivery hub for New York Mercantile Exchange (Nymex) futures dropped by 1.7 million barrels to 29.8 million barrels.

The EIA estimated U.S. crude oil production remained unchanged from the previous week at 13.6 million barrels per day. Average daily crude imports declined by 1 million barrels to 5.3 million barrels, while daily exports rose by 1.1 million barrels to 5.2 million barrels.

Refinery utilization rates fell by 2.4 percentage points to 89.6%, with daily crude processing down by 208,000 barrels to 16 million barrels. Market expectations had projected a 0.3 percentage-point increase in refinery activity.

Gasoline inventories decreased by 6.3 million barrels to 232.9 million barrels, significantly exceeding the anticipated decline of 1.7 million barrels, yet remaining about 1% above the five-year average. Daily gasoline demand increased by 524,000 barrels to 9.1 million barrels.

The EIA reported that distillate fuel inventories fell by 3.1 million barrels to 111.6 million barrels, approximately 6% below the five-year average for this period. Market forecasts had expected a 2.1 million-barrel reduction in distillate stocks.