Crude closed at a five-month high after U.S. government data showed the biggest decline in gasoline stockpiles since 2017, offsetting an increase in crude inventories.

The United States imported the least amount of crude oil on a weekly basis in 23 years, as OPEC-members Saudi Arabia and Venezuela cut their shipments to unusually low levels.

Oil declined for the first time in more than a week after U.S. government data showed an increase in crude stockpiles and production, and as the commodity tracked moves in the equity market.

Crude posted the biggest decline in eight weeks as a risk-off sentiment spread through global markets. Futures tumbled 3% in New York on Oct. 11. Investors eyed a sixth day of U.S. equity losses along with heightened volatility.

Crude rose to a one-week high July 10 on concern shrinking U.S. crude stockpiles will exacerbate wide-ranging global supply disruptions.

Crude soared above $75 a barrel in New York for the first time since 2014 on signs global supply outages outweigh OPEC’s pledged production rise.

Crude popped above $65 a barrel for the first time in more than three years after U.S. crude stockpiles fell for a 10th week in the longest stretch of declines on record.

U.S. crude production will soar to a record this year before rising even more in 2019, according to a government forecast published Jan. 9.

Crude rallied as lower OPEC production and signs of shrinking U.S. oil inventories bolstered expectations for an end to the global surplus.

Oil climbed Oct. 13 as dwindling U.S. crude stockpiles and near-record Chinese imports signaled the worldwide glut is eroding.