U.S. crude stockpiles declined for a third straight week as domestic demand increased, federal data released Wednesday show.

A separate global forecast, meanwhile, pointed to increased oil consumption through 2021, as coronavirus vaccination programs gain momentum and economic activity increases.

In its Weekly Petroleum Status Report (WPSR), the U.S. Energy Information Administration (EIA) said domestic crude inventories for the week ended April 9 fell by 5.9 million bbl from the previous week. The tally excludes supplies in the Strategic Petroleum Reserve.

At 492.4 million bbl, EIA said U.S. stocks were 1% above the five-year average.

The agency reported overall demand increased nearly 6% week/week, driven by increases in distillate fuel oil and gasoline...