The American Petroleum Institute (API) announced on Tuesday that crude oil inventories fell by 4.524 million barrels for the week ending August 21, far in excess of the expected 3.694 million barrels.
Oil prices rose after the data was released, with WTI rising 1.81% to $43.39, and Brent crude up 1.82% to $45.95.
Oil prices have failed to gain any real momentum over the past month, even after production cuts in both OPEC and the US, thanks to expectations of weak future demand.