The Energy Information Administration of the United States reported a reduction of 12.2 million barrels in crude oil inventories in the country last week.

Oil prices rose on Wednesday following a larger-than-expected decline in U.S. crude inventories. However, gains were tempered by concerns over increasing global inventories amid light trading ahead of the U.S. Independence Day holiday.

Brent crude futures rose $1.10, or 1.28%, to $87.34 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures gained $1.07, or 1.29%, to $83.88 per barrel.

The Energy Information Administration of the United States reported a reduction of 12.2 million barrels in crude oil inventories in the country last week, surpassing analysts’ expectations from a Reuters survey of a 680,000 barrel decrease.

However, analysts noted the market’s reaction was muted, partly due to lower trading volumes ahead of Independence Day.

Concerns about Hurricane Beryl eased after the U.S. National Hurricane Center said the storm was expected to weaken as it entered the Gulf of Mexico this week. Nevertheless, Beryl’s rains and winds could disrupt Mexico’s offshore oil production and export infrastructure, potentially restricting supply, according to Andrew Lipow, president of Lipow Oil Associates. Mexico is a major crude oil exporter.

OPEC production increased for the second consecutive month in June, according to a Reuters survey released on Tuesday, weighing on oil prices. Increased output from Nigeria and Iran offset voluntary supply cuts by other members of the OPEC+ alliance.