In its latest report, the Energy Information Administration announced that crude oil reserves, gasoline, and distillate inventories in the US decreased last week.

According to the EIA, crude oil supplies dropped by 3.3 million barrels to 433.6 million barrels for the week ending on March 21st, which was higher than the 956,000-barrel reduction predicted by analysts. Stocks at the Cushing, Oklahoma hub also fell by 755,000 barrels.

The EIA confirmed that refinery production of crude oil increased by 87,000 barrels per day, while refinery utilization rates climbed by 0.1 percentage points.

Gasoline stockpiles in the US declined by 1.4 million barrels to 239.1 million barrels for the week, which was lower than the anticipated 1.8 million-barrel decrease identified in a Reuters poll. The inventory of distillates, which includes diesel and heating oil, saw a reduction of 420,000 barrels to 114.4 million barrels, compared to the expected 1.6 million-barrel decline.

The EIA reported a rise in net US crude imports by 845,000 barrels per day during the past week. Stephanie Kelly contributed to this report.