03:52 PM EDT, 05/07/2025 (MT Newswires) -- Commercial crude stockpiles in the US dropped more than expected last week as distillate fuel inventories posted a draw, government data showed Wednesday.

Inventories of crude, excluding the strategic petroleum reserve, fell by 2 million barrels to 438.4 million barrels through the week ended Friday, the Energy Information Administration said. The consensus was for a draw of about 1.9 million barrels in a survey compiled by Bloomberg.

Distillate fuel stocks decreased by 1.1 million barrels, while motor gasoline stocks rose by 200,000 barrels. Propane and propylene added 1 million barrels. Total commercial petroleum inventories increased by 1.2 million barrels.

Both gasoline and distillate fuel output increased last week, the EIA said.

West Texas Intermediate crude was down 1.7% at $58.08 a barrel in Wednesday late-afternoon trade, while Brent fell 1.6% to $61.11.

Eight members of the Organization of the Petroleum Exporting Countries and its allies on Saturday announced plans to hike production in June for a second consecutive month.

US-China trade talks are scheduled to take place in Switzerland this weekend.

"Talks would be a sign of potential de-escalation in trade tensions," ING Head of Commodities Strategy Warren Patterson said in a Wednesday note. "Yet while negotiations would help improve sentiment in the oil market, we'll need to see significant progress on lowering tariffs to improve the demand outlook."