U.S. commercial crude oil inventories fell sharply last week while gasoline stockpiles also declined unexpectedly, the Energy Department reported Wednesday.

In the week ended Aug. 3, the nation's crude oil inventories dropped by 4.1 million barrels to 340.4 million. Analysts were forecasting a decline of 2 million barrels.

Still, the inventories were well above the average range and 34million barrels above the five-year average, according to the department.

Gasoline stocks also fell by 1.7 million barrels to 203.0 million, defying analysts' expectations of an increase of 1 million barrels for last week.

However, supplies of distillates, which include diesel and heating oil, rose by 1 million barrels last week to 127.5 million.

The figures for commercial crude oil do not include the U.S. Strategic Petroleum Reserve, which currently holds crude oil of about 689 million barrels.