The United States imports large quantities of propane daily, in order to meet the entire needs of the country, and yet the United States is considered one of the largest oil producers in the world. However, the Energy Information Administration stated on Wednesday that U.S. crude oil inventories fell by 10.6 million barrels last week, which was more than expected in light of rising exports and strong demand from refineries.

The administration noted that crude oil inventories decreased to 422.9 million barrels, the lowest level since December 30.

Analysts' forecasts in a Reuters survey indicated a decline of 3.3 million barrels.

The administration stated that inventories at the delivery hub in Cushing, Oklahoma, fell by 1.5 million barrels in the week ending August 25.

It added that U.S. net imports of crude oil decreased by 586,000 barrels per day.

It indicated that American refineries' consumption of crude oil fell by 173,000 barrels per day last week

Refinery utilization rates declined by 1.2 percentage points to 93.3 percent.

The administration said that gasoline inventories decreased by 0.2 million barrels to 217.4 million last week, compared to analysts' expectations in a Reuters survey of a decline of 0.9 million barrels.

Data from the administration showed that distillate inventories, which include diesel and heating oil, rose by 1.2 million barrels to 117.9 million, against analysts' expectations of an increase of 0.2 million.