U.S. commercial crude oil stockpiles fell by 913,000 barrels last week, according to data released by the Energy Information Administration. The decline exceeded analyst expectations, as forecasters surveyed by The Wall Street Journal had predicted an increase of 900,000 barrels in crude stocks.

The inventory draw occurred as crude oil exports from the United States continued to rise, contributing to the larger-than-expected reduction in domestic stockpiles. The EIA data excludes oil held in the Strategic Petroleum Reserve.

Separately, Spanish energy company Repsol announced it has signed an agreement with the Venezuelan government to significantly expand oil production operations in the South American country. Under the terms of the agreement, Repsol aims to increase its gross oil production in Venezuela by 50% within the next 12 months.

The company has set even more ambitious long-term targets, planning to triple its current Venezuelan oil production levels within three years. The agreement represents a significant expansion of Repsol's operations in Venezuela, which sits atop some of the world's largest proven oil reserves.

The developments come as global energy markets continue to adjust to shifting supply and demand patterns following years of geopolitical tensions and sanctions affecting Venezuelan oil exports.