03:45 PM EDT, 03/26/2025 (MT Newswires) -- Commercial crude stockpiles in the US unexpectedly fell last week as motor gasoline posted a draw, government data showed Wednesday.

Inventories of crude, excluding the strategic petroleum reserve, slid by 3.3 million barrels to 433.6 million barrels through the week ended Friday, the Energy Information Administration said. The consensus was for a gain of about 2 million barrels in a Bloomberg poll.

Motor gasoline stocks decreased by 1.4 million barrels, while distillate fuel inventories declined by 400,000 barrels. Propane and propylene inventories fell by 200,000 barrels. Total commercial petroleum inventories rose by 3.2 million barrels.

Both gasoline and distillate fuel output decreased last week, the data showed.

West Texas Intermediate crude oil was up 1% at $69.66 a barrel in Wednesday afternoon trade, while Brent rose 0.9% to $73.04 a barrel.

The White House said Tuesday that the Russia and Ukraine had agreed to halt strikes in the Black Sea. However, Russia wants some sanctions to be lifted before the ceasefire begins, ING said in a note.

"There are still plenty of supply risks hanging over the market in the form of sanctions on Iran and Venezuela, which could push the global oil market into deficit," ING Head of Commodities Strategy Warren Patterson said.

Earlier this week, President Donald Trump said that the US will impose 25% tariffs on countries that purchase oil and/or gas from Venezuela, effective April 2.