02:50 PM EDT, 06/11/2025 (MT Newswires) -- Commercial crude stockpiles in the US decreased more than expected last week even as propane and propylene and motor gasoline inventories increased, government data showed Wednesday.

Inventories of crude, excluding the strategic petroleum reserve, fell by 3.6 million barrels to 432.4 million barrels through the week ended Friday, the Energy Information Administration said. The consensus was for a draw of 2.6 million barrels in a survey compiled by Bloomberg.

Propane and propylene inventories increased by 4 million barrels last week, while total motor gasoline added 1.5 million barrels. Distillate fuel stocks rose by 1.2 million barrels, the EIA said. Total commercial petroleum inventories expanded by 6.2 million barrels.

Gasoline production increased last week, while distillate fuel output fell, the agency said.

West Texas Intermediate crude oil was up 4.7% at $68.04 a barrel in Wednesday late-afternoon trade, while Brent climbed 4.2% $69.69.

"Oil gained on optimism that easing trade tensions could support demand," D.A. Davidson said in a note to clients.

US and Chinese officials have agreed on a framework for implementing the pact the two countries reached in Switzerland last month, news outlets reported. Pursuant to the deal reached in May, the two sides agreed on a 90-day suspension of reciprocal duties on each other's goods. However, they later accused each other of violating the pact.

US President Donald Trump said Wednesday that China will supply rare earths upfront as part of a trade agreement that is subject to his approval and that of his Chinese counterpart, Xi Jinping.

"Our deal with China is done," Trump wrote in a social media post. "We are getting a total of 55% tariffs, China is getting 10%."