US commercial crude oil reserves recorded a sharp decline last week, dropping by more than 6 million barrels, according to data from the Energy Information Administration (EIA).

The report showed that inventories fell by about 6.234 million barrels, bringing total stockpiles to roughly 459.5 million barrels.

This outcome went against market expectations, as analysts had earlier predicted a small increase of around 300,000 barrels instead.

The unexpected drawdown is seen as important for global oil markets, since changes in US crude reserves often influence price movements of oil worldwide.